Technical analysis by ForexOptimizer about Symbol ETH: Buy recommendation (3/23/2025)

Ethereum is currently showing strong bullish potential on the 1-hour chart, forming a powerful confluence of reversal patterns—Inverse Head & Shoulders and the Quasimodo Pattern. These patterns often indicate trend exhaustion and signal a shift in momentum.📊 Pattern Analysis1. Inverse Head & Shoulders PatternThis pattern is a classic bullish reversal setup.The structure is well-defined:Left Shoulder: Forms after a local downtrend.Head: Makes a deeper low.Right Shoulder: Higher low indicating reduced selling pressure.The neckline has just been breached, suggesting the breakout has begun.2. Quasimodo Pattern (QM)Often forms at key reversal points.Characterized by a head and shoulders structure with a lower low (head) and a higher low (right shoulder).Acts as additional confirmation of a reversal with tight invalidation zones.The Quasimodo zone also aligns with strong demand just below $1,970.🎯 Target ProjectionThe projected minimum target is measured from the bottom of the head to the neckline, then added to the breakout point.Target: ~$2,121.41This implies a 5.38% potential move from the breakout zone.The yellow highlighted area marks a potential supply zone, where price could face resistance.🧠 Trade ConsiderationsEntry: On breakout above neckline (already triggered).Confirmation: Look for bullish candles + volume spike.Retest Entry: If price revisits the neckline (~$2,000 zone) and holds as support, it provides a second chance entry.Invalidation: A break below the right shoulder (~$1,965) would invalidate the pattern setup.Stop Loss Idea: Below the head or right shoulder depending on risk tolerance.📌 Confluence FactorsDual bullish reversal patterns (H&S + QM)Breakout in progress with bullish momentumStrong price reaction from the higher low confirms buyer interestRoom to run into previous supply zone around $2,120–2,140