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In our previous Ethereum analysis Ethereum Price Breaking Out Now! Watch This Converging Triangle Pattern!, we talked about the converging triangle pattern playing out in the 15 minutes and the best way we are looking to take advantage of it.
Less than 12 hours later, that bullish prediction is in full swing with the Ethereum price breaking through and retesting the converging triangle pattern for price support!
In this Ethereum analysis, we will be talking about the key levels we are watching for this bullish rally and the most important support the Ethereum bulls need to defend for this rally to continue playing out!
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Ethereum Key Levels!
The converging triangle bullish breakout is a strong indicator of a growing bullish bias among traders in the Ethereum market for the short term.
And for this pattern to remain valid, the Ethereum price must respect and continue to trade above that trendline resistance now turn support for the pattern.
A break back below this new support would only push the Ethereum price back into a converging triangle pattern and the ranging market it experienced all through yesterday.
This makes it very important for the ETH bulls to defend this support at all costs if we are to see this bullish rally in the Ethereum price continue to play out in the coming days!
Final Verdict!
The Ethereum bulls are in full control of the market right now and might continue pushing the ETH price higher all through today. The bullish target we are aiming for is the $4k price level.
This $4k price level is our bullish target because it is a very key horizontal resistance on the Ethereum higher timeframe.
To find out more about this $4k level and why we choose it as our bullish target read Ethereum Bearish Target Smashed! What Next? Watch This Pattern
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