Our ETH bullish prediction in The ETH Rally Has Started! Watch These Bullish Price Targets is playing out perfectly! The Ethereum price has been rallying ever since we published that analysis.
However, the Ethereum price is currently running into multiple key resistance in the 4-hour timeframe. But is the bullish rally over?
In this Ethereum analysis, we will be talking about these key levels as well as the potential for a 15% surge in the Ethereum price in the coming days!
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Ethereum Running Into Multiple Resistance
The Ethereum price is currently running into multiple resistance in the 4-hour timeframe. How price reacts to these levels will have a big effect on the direction the Ethereum price will trade to in the coming days.
Ascending Channel Pattern
The first resistance we are watching is the ascending channel pattern. This pattern is currently forming in the ETH 4-hour timeframe and has been holding the ETH price in a range for the past few weeks now.
This pattern offers us key levels to watch and right now the Ethereum price is trading around one of them.
For the ETH bullish rally to continue, the Ethereum price needs to break and close above this 4-hour resistance. A bullish break like this would be the confirmation we need for a potential 15% price rally back up.
The $3,568 Horizontal Resistance
The second key resistance we are watching is the $3,568 horizontal resistance in the 4-hour timeframe. The last time the ETH price got to this price level, we saw a solid wall of sellers push the altcoin price back down!
Ethereum is already testing this horizontal resistance again. Can the bulls break through this wall of sellers now or should we expect another dump?
Final Verdict!
For the Ethereum bullish rally to continue, the ETH price needs to break above both the Ascending Channel Pattern and the $3,568 Horizontal Support in the 4-hour timeframe!
However, if Ethereum fails to break through these levels in the coming days, there is a very high probability that we might see another ETH sell-off back down.
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