The Ethereum closed the trading day very bullish today, as the Altcoin price continued to trend higher all through today.
We also saw more positive fundamentals drive the Ethereum price higher today as AMC Theaters, the largest movie theater chain in the world, has announced that it will be accepting cryptocurrencies as payments, including Litecoin, Ethereum, Bitcoin, and Bitcoin Cash. Some Major Crypto Assets to be Accepted by World’s Largest Movie Theater Chain?
This is another big win for the crypto markets, and we saw it play out in the charts today!
Ethereum Bullish Prediction Playing Out! Watch These New Levels
In our previous ETH analysis Must Read: ETH Breaking Out Right Now! Price Rally To $3,998?, we made a bullish prediction pointing out the resistance of the ascending channel pattern forming in the 4-hour timeframe as the key resistance the Ethereum price needs to break through to remain bullish.
The Ethereum price has broken through this key resistance and is currently retesting it in the 4-hour timeframe.
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Ethereum Retesting Key Level
Ethereum just broke out a confluence of resistance in the 4-hour timeframe. This break-out is very bullish for both ETH and the Altcoin market and indicates a coming bullish rally soon!
Also the last time Ethereum broke out of this ascending channel, we saw a massive price surge in Ethereum, this price surge might occur again, playing out well with our bullish bias on the Altcoin price.
But for this bullish prediction to play out, the Ethereum price needs to continue trading above that channel resistance. A break back below the resistance only pushes the Ethereum price back into a ranging market!
Final Verdict!
The Ethereum bulls are in full control of the market and are currently pushing the altcoin price higher. But for this bullish rally to remain valid, Ethereum needs to continue trading above that ascending channel resistance level in the 4-hour timeframe.
This opens the way for further Ethereum rally higher to the $3,998 price target in the coming days.
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