Ethereum Could Rally 15% Soon! Watch This Key Resistance.

5:58 pm, Sun, 16 January 22

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The Ethereum price has been building bullish momentum all through the weekend as the Altcoin price gets ready to have a massive breakout in the coming days.

In this Ethereum analysis, we will talk about the key patterns we are watching as well as the key resistance level the ETH bulls must breakthrough for this bullish rally to play out.

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Ethereum Confluence Of Support!

Ethereum Could Rally 15% Soon! Watch This Key Resistance.
Ethereum Could Rally 15% Soon! Watch This Key patterns and levels on the 4-hour timeframe

Right now, the Ethereum price is trading around a confluence of two bullish patterns on the 4-hour timeframe. This pattern confluence is between the Descending Channel Support and the Horizontal Channel all pointing to a likely rally for the Ethereum price in the coming days.

But for this bullish rally to play out, Ethereum must break through a key resistance level on the 4-hour timeframe. This break out would confirm the end of the sideways range and the resumption of the ETH rally higher.

And it is looking like it might just be ready to make that bullish breakout soon!

Ethereum Could Rally 15% Soon! Watch This Key Resistance.
Ethereum Could Rally 15% Soon! Watch This Key Resistance. Ethereum bullish prediction on the 4-hour timeframe

The Key Resistance Ethereum Must Break Through!

Ethereum Could Rally 15% Soon! Watch This Key Resistance.
Ethereum Could Rally 15% Soon! Watch This Key Resistance on the 4-hour timeframe. Can the ETH bulls breakout?

The key resistance we are watching is from the Horizontal Channel Pattern on the 4-hour timeframe. We have seen the Ethereum price test this key level over and over again but fail to close above.

Why Is A Breakout Important? A breakout is very important because the Horizontal Channel Pattern is a bullish pattern and the buy indication for the pattern is when the price breaks from the range and closes above the resistance channel.

A breakout like this would confirm the end of the Ethereum range and a possible rally for Ethereum back to the $3,900/$4,000 price region in the coming days.

This could easily be around a 15% rally in price and might play out as we enter into the new week and see renewed trading volume from traders all over the world.

Ethereum Could Rally 15% Soon! Watch This Key Resistance.
Ethereum Could Rally 15% Soon! Watch This Key Resistance on the 4-hour timeframe

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