ETH has formed a double bottom pattern on the hourly timeframe and is currently facing neckline resistance. A successful break and retest of this line will confirm the bullish trend, while a failure could indicate a short-term correction.

Graph Analysis:

Double Bottom Pattern: The double bottom pattern is a bullish reversal pattern that indicates the possible end of a downtrend and the start of an uptrend.

Neckline Resistance: ETH is currently testing neckline resistance near the $3,090 level. A break above this level followed by a successful retest will confirm a bullish reversal.

Possible Scenarios:

Bullish Scenario: If ETH breaks above the neckline resistance and successfully retests it as support, we could see a continuation of the uptrend leading to higher levels.

Bearish Scenario: If ETH fails to break through the neckline and experiences failure, it could lead to a short-term correction before another breakout attempt.

Recommendations:

For Bullish Traders: Watch for a break above the $3,090 resistance level with increasing volume to confirm the bullish trend. Consider setting stop losses below recent lows to manage risk.

For Bearish Traders: Watch for failure at neckline resistance. If ETH fails to break above this level, this could be a good opportunity to go short with a stop loss above the neckline.

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