In our previous Ethereum analysis, we talked about the much larger sideways market still in play on the Daily timeframe and the Flag pattern that supports this sideways market.
well, within this sideways market, we are about to see a small micro-rally in the ETH price play out. And this micro-rally could easily see us pumping +10% in the coming days before facing any major resistance.
In this ETH analysis, we will be breaking down this coming micro-rally, the double bottom pattern we are currently watching as well as the key levels we are keeping a close eye on.
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ETH Double Bottom Pattern. Get Ready for The Bounce
In the much larger ETH flag Pattern, we are witnessing a double bottom pattern playout, indicating that the ETH price might be set to start its +10% micro-rally in the coming days.
If this rally plays out exactly, we can expect to see the ETH price bounce and begin pushing up higher towards the $2,200 price region in the coming days.
So for now, we are watching this double bottom pattern to see if it continues holding. If it continues holding, we can expect to see more buyers begin to step back into the market soon.
Final Verdict!
The Bigger picture indicates that ETH is still trading within a much larger Flag Pattern on the Daily timeframe. However, within this key pattern, we are about to see a micro-rally play out.
In the coming days, we expect to see Ethereum bounce and rally towards the $2,200 price region.
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