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In our previous Ethereum article Is The ETH Bull Run Finally Back? Watch This Level!, we talked about the $2,948 resistance and how this was the key level to watch. Well, that level held perfectly, with the Ethereum price selling off steeply from there.
The big question now is “Is the Bull rally over?” In this Ethereum analysis, will be talking about the new levels to watch for either a move to the upside or downside in the coming days.
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A Confused ETH Market
Ethereum is in no man’s land right now, the bulls and the bears are still fighting it out to see who will gain control of the Altcoin price movement.
Right now, the Ethereum price is ranging between the $2,948 resistance and the base of the flag pattern it has been trading in all week. And as far as the price continues to trade within this range, we want to stay on the sideline and wait!
However, right now ETH price chart is getting really compressed between these two key levels meaning:
A massive move is about to happen on the Ethereum price soon!
Ethereum Bullish Price Prediction
For the bullish price prediction, the key level to watch remains the $2,948 resistance level. This level is the key level for the bulls to break to confirm the resumption of the bullish trend in ETH.
Until this key level is broken, you want to stand and aside and wait until the bullish bias is confirmed for Ethereum.
Ethereum Bearish Price Prediction
For the bearish price prediction on the ETH price chart, we want to see the $2,246 support level give way. A break of this support ends the ranging market in Ethereum and the resumption of the bearish trend and a potential crash below the $1,916 previous lows.
Pattern aside, ETH is currently in a ranging market trading between two key levels, the $2,948 resistance level and the $2,246 key support level. Until Ethereum breaks through one of these levels we can expect the price to continue ranging and trading sideways.
The best option for us right now is to stand aside and wait for one of these levels to get broken and that might happen really soon! Only then can we start looking for a buy or sell trade to make money from.
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