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The Ethereum bulls are back and in full control of the price! The Altcoin just made more than a +3% surge in value in just today’s trading alone. However, we believe there is a very high probability that this bullish rally is far from over.
The key pattern we are watching is the Triangle Pattern currently playing out in the 4-hour timeframe. This pattern has a standard target for both the bullish and the bearish price breakout.
And in this Ethereum analysis, we will be breaking down what the bullish target is and what the Ethereum price has to do to get there.
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Ethereum Bullish Target For The Triangle Pattern Breakout
By breaking above the $1,278 key resistance in the 4-hour timeframe, the Ethereum price confirmed the completion of the triangle pattern and its readiness to rally higher.
To determine how high this rally might go, we will be using the standard target for the triangle pattern. And for Ethereum, that standard target is the $1,678 price level.
This means that the Ethereum bulls still have about 20% of free room to push the ETH price higher in the coming days.
Key Levels To Watch For!
The $1,278 price level is an important level to watch. The Ethereum price has successfully converted this key level from Previous Resistance to New Support for the Ethereum bulls.
So in the coming days, we will be keeping a close eye on this 4-hour level to see if it can serve as great support for more buyers to come into the market.
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