Ethereum Could Rally Sharply As Double Bottom Pattern Emerges

Ethereum Could Rally Sharply As Double Bottom Pattern Emerges


Ethereum declined recently, but it stayed above the key $355 support against the US Dollar. ETH price is likely to accelerate higher as it seems like a double bottom pattern is forming near $355.

Ethereum declined below the $370 support, but it stayed above the $355 support. The price holding the main $355 support, but it is below the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $370 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $355 support level to start a fresh rally in the near term. Ethereum Price Likely Forming A Key Bottom

In the past three sessions, Ethereum faced an increase in selling pressure below $375. ETH price broke the $370 support zone and it even settled below the 100 hourly simple moving average.

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However, the bulls were able to protect the key $355 and $350 support levels. A low

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