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The Ethereum ranging market continues! In this Ethereum analysis, we will be breaking down the most important key levels to watch for on the ETH price chart.
We will also be talking about the most important support for Ethereum. And as far as price stays above it, we can expect to see the ETH price breakout to head to the upside in the coming days!
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ETH $2,164 Key Support!
The $2,164 key level is very important to the Ethereum bulls because it is the only key support stopping the Ethereum price from going lower!
This major support has been holding the ETH price up for weeks now. And needs to continue to do so if we want to see a bullish reversal soon!
What we are experiencing right now is only a sideways market that has lasted for weeks, but we have made no new move lower.
This sideways market might continue to play out until the Ethereum price has built enough momentum to start trending again. But trending to what direction become the next key question traders want to be answered
ETH Bullish Prediction!
Right now Ethereum is in a range on the 4-hour timeframe, and for the price to begin trending again, the Altcoin price must break out of this range.
For the Ethereum bullish prediction, we want this breakout in price to be to the upside.
A bullish breakout like this would be the perfect indication we need to jump on the move and follow the trend higher.
Until a bullish breakout like this occurs, it is better to only trade the smaller moves on the shorter term timeframe as there is a very high probability that we might just keep on ranging and trading sideways in between these two horizontal channels on the 4-hour timeframe.
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