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The crypto market ended the trading day flat today as the price of both Bitcoin and Ethereum continued to build momentum for the coming bullish rally.
However, right now Ethereum is testing a key support region, and bouncing back up exactly as we predicted in Must Read: Ethereum Testing Key Level. Price Rally Soon!
Ethereum is currently bouncing off the $3,127 horizontal key level. This is very bullish for ETH as there is a very high probability for us to see a bullish rally back up in the coming days.
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Bullish Targets For Ethereum!
There are two potential bullish targets for Ethereum and in this Altcoin analysis we will be breaking them down as well as the key levels to watch for in the 15 minutes timeframe
Ascending Channel Resistance!
The first key level we are watching for is the channel resistance for the ascending channel pattern in the 15 minutes timeframe. This level has served as a strong resistance for the Ethereum price on numerous occasions and might do so again.
The Ethereum bulls need to break through this channel resistance for the bullish rally in Ethereum to continue.
ETH To ATHs!
A price break above this ascending channel resistance we talked about above also opens up the way for the Ethereum price to surge back to the ATHs.
This coming rally might happen at any time, but for this bullish prediction to remain valid Ethereum needs to break through the ascending channel resistance.
Final Verdict!
Ethereum is still building momentum getting ready to break out at any time now. But for that bullish rally to occur, the Ethereum price needs to break and close above the ascending channel currently playing out in the 15 minutes timeframe.
As far Ethereum continues to trade within this ascending channel we might just see the ranging market in the Ethereum market continue.
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