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In our previous Ethereum analysis ETH Bullish Rally Gaining Momentum. Watch This Key Level!, we talked about the larger Descending Channel Pattern the ETH price has been respected for a while now and how the Channel Support for this pattern could serve as a great rallying base for Ethereum.
Well, as we speak, the Ethereum price is currently testing this key support on the 4-hour timeframe, playing out exactly as we predicted.
If this key level holds, there is a very high probability that we might see a massive surge in the ETH price in the coming days.
In this Ethereum analysis, we will be talking about this bullish possibility and the key levels and smaller patterns forming around this 4-hour key region.
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ETH Descending Channel Support. Can History Repeat?
This ETH Descending channel support has served as a key level for the Ethereum price on numerous occasions in the past and might do so again in the coming days.
Right now, Ethereum is testing this region on the 4-hour timeframe and if it holds, there is a very high probability for the ETH price to rally more than 20% back to the top of the pattern in the coming days.
Watch This Micro Pattern To Know When The Rally Starts
Within this much larger Descending channel pattern, Ethereum is currently ranging and forming a small Horizontal Channel as well. This channel can help us determine exactly when the ETH bullish rally starts.
The key level to watch is the top resistance of the horizontal channel. Once ETH breaks through this top resistance, we can expect to see a massive surge higher.
This breakout confirmation is what we need to see on the Ethereum price chart to get the best bullish confirmation that the ETH rally has started.
Until a breakout like this happens, it is best to stand aside and wait for the price to decide and confirm in what direction it would like to move.
Final Verdict!
Ethereum is getting ready to explode, but the key question now is can the bulls hold the Descending Channel Support on the 4-hour timeframe?
If this key support holds, there is a very high probability that the Ethereum bullish rally will continue. However, if this support gives way, Ethereum bulls might be doomed.
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