Table of Contents
In our previous Ethereum analysis Ethereum Bullish Rally Far From Over! Watch This Key Pattern Update, we talked about the two patterns currently pointing to a potential bullish rally for Ethereum on the 4-hour timeframe and what we think might happen next.
These two patterns are the larger Decending Channel Pattern and the smaller Horizontal Channel Pattern forming within the first one.
Well since publishing that analysis, that Horizontal Channel Pattern has been developing developing perfectly and right now the ETH price is in a range within the two channels that make up the pattern on the 4-hour timeframe.
In this ETH analysis, we will be talking about the key levels we are watch as well as the key support that must hold for this bullish pattern to remain valid.
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The Most Important Key Support For Ethereum
The most important key support for Ethereum right now is the key Horizontal channel pattern. We want to see the Ethereum price continue to trade within this pattern in the coming days.
A break below this key level only invalidates this bullish prediction and points to more weakness for Ethereum. This makes it very important for the bulls to defend this key level at all costs if we want to keep our hope for a bullish rally alife.
Final Verdict!
Ethereum is currently ranging and buikding momentum to continue the bullish rally to the upside. However, for this bullish rally to remain possible, the Horizontal channel pattern the ETH price is currently ranging must remain valid.
If the Ethereum bulls can hold on to this key support, then there is a very high probability that we might see a massive rally in price in the coming days.
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