The crypto market closed the trading day deep in the green today as the price of Ethereum rallied higher exactly as we predicted in a previous analysis Ethereum Bullish Prediction Playing Out! Can Price Hold This Level?

This 5% price surge in the value of Ethreum also lead the Altcoin rally we saw play out across the board today! However, that rally is far from over!

The bullish breakout we are currently witnessing in Ethereum was generated from a bullish flag pattern in the ETH 15 minutes timeframe. This pattern was a bullish continuation pattern and it pointed to a coming rally in price.

The target for that bullish continuation pattern is yet to be reached! This means there is a very high probability for us to see more bullish movement for the Ethereum price in the coming days.

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Ethereum To $5,000?

The bullish target for the Ethereum flag pattern breakout is around the $5k price region. And the Ethereum price is slowly making its way towards this price region.

However, the key level we are watching is the $4,400 support region. This support is a higher timeframe key level and has served as key support for the Ethereum price on numerous occasions.

As far as the Ethereum price continues to trade above this key support region in the 15 minutes timeframe, we will remain bullish on ETH. However, a break below it indicates more weakness and the end of the Ethereum bullish rally.

Final Verdict!

The Ethereum price is still in the bullish territory and will remain so as far as Altcoin continues to trade above the $4,000/$4,400 key support region.

We can expect to see more bullish momentum come into the market as the price rallies higher towards our $5k price target in the coming days.

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