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We have seen this happen over and over again now in the Ethereum 4-hour price chart. However, the historical price does not guarantee future movement in Ethereum. What it does is it gives us an idea of what we might expect in the coming days.
And for Ethereum, there is a very high probability that we might see a price bounce from the base support of this Descending Channel pattern in the coming days.
If this $1,684 support holds, there is a very high probability that we might see a more than 10% surge in the value of Ethereum in the coming days.
In this Ethereum analysis, we will be talking about the key levels we are currently watching as well as the top Altcoin pair that might be setting up to take advantage of this coming price bounce in Ethereum.
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Ethereum Descending Triangle Pattern!
It is important to note that Ethereum is currently in a ranging market! And this persistent sideways trading in the Altcoin price has created a Descending Triangle Pattern in the 4-hour timeframe.
The ETH price is currently trading within this Descending Triangle Pattern, and as far as the price continues to respect the pattern, there is a very high probability we will continue to bounce around it.
So right now, our trading goal is to take advantage of these price bounces for as long as these levels remain valid.
XLM/USDT Setting Up To Take Advantage Of this Ethereum Price Bounce!
The top Altcoin on our watchlist that might be ready to take advantage of this potential 10% surge in the Ethereum price chart is the XLM/USDT Altcoin pair.
We are currently seeing a clear Double Bottom and a change in structure occur on this pair in the 15 minutes timeframe.
The key support region to watch for is the 0.1329 price level in the 15 minutes timeframe.
XLM/USDT Bullish Prediction
For the XLM/USDT bullish prediction, we want to see the 0.1329 key support hold in the 15 minutes timeframe.
If this key support holds, there is a very high probability that we might see a bounce and bullish rally that might play out once Ethereum starts moving higher.
Our bullish target for a price move like this would be back to that previous high of 0.1505
But the 0.1329 key support will need to hold for this bullish prediction to remain valid. A break below this key support only indicates more weakness for XLM and maybe a weakness to rally higher for ETH.
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