In our previous Ethereum analysis Must Read: Ethereum Bullish Continuation Pattern! Price Breakout Soon? we talked about the descending channel pattern forming in the 15 minutes timeframe and the likely bullish breakout that might happen soon!

Well, that bullish prediction is currently playing out as the price of Ethereum just broke through the channel resistance for that pattern and is currently heading higher.

In this Ethereum analysis, we will be talking about our Ethereum bullish target and the key support we are currently watching in the 15 minutes timeframe.

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Ethereum Descending Channel Pattern

The Descending channel pattern is a price continuation pattern. This means the bullish trend will resume in the ETH price once this retracement is over.

And right now, Ethereum is breaking out of this bullish pattern in the 15 minutes timeframe, pointing to the likely end of the current pullback we were witness and a likely price rally higher soon!

But for this rally to remain valid, the Ethereum price needs to continue treading above this channel resistance in the 15 minutes timeframe. This simply means this descending channel resistance now acts as key support for the Ethereum price.

Ethereum Bullish Target!

The descending channel pattern has a traditional target. And that target is gotten by measuring the initial rally we saw play out before the descending channel pattern formed.

This puts the traditional target for this coming ETH bullish rally around the $4,802 price region.

Final Verdict!

The Ethereum bullish breakout has started exactly as we predicted! If this rally continues to go, there is a very high probability that we might see the Ethereum price get to the $4,802 price region in the coming days.

This is uncharted territory for Ethereum so we expect to see volatility spike and for the Ethereum price to likely move very fast in the coming days as traders digest this break into new ATHs.

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