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After breaking through the descending channel pattern Must Read: Ethereum Bullish Continuation Pattern! Price Breakout Soon? in the 15 minutes timeframe yesterday, the Ethereum price failed to continue its rally higher today.
Instead, we saw the price of the Altcoin crash back down, testing the ETH key support and forming a larger bullish flag pattern in the 15 minutes timeframe.
This flag pattern offers us key levels to watch and a likely breakout point in the coming days.
In this Ethereum analysis, we will be talking about this bullish bias and the very high likelihood for us to see a bullish rally in the Ethereum price in the coming days.
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Ethereum Bullish Flag Pattern!
The Ethereum bullish flag pattern is a continuation pattern, and it points to a very high likelihood for us to see the Ethereum price continue to rally higher in the coming days.
However, for this bullish flag pattern to be confirmed as completed, the Ethereum price would need to break through the resistance channel of the pattern.
But right now, Ethereum is still trading within this channel and might continue to do so in the coming days.
Ethereum Bullish Prediction!
For our Ethereum bullish prediction, we want to see the Altcoin price clearly break through and continue to trade above the resistance channel of the Ascending channel pattern in the 15 minutes timeframe.
A price breakthrough like this is the perfect confirmation we need to indicate the end of the ranging market and the resumption of the price rally higher for the Ethereum bulls.
Final Verdict!
The Ethereum bullish rally is very far from over, and there is a very high probability this rally might resume very soon! The key pattern we are looking at is the bullish flag pattern currently forming in the Ethereum 15 minutes timeframe.
A price break and close above the resistance channel of this flag pattern is the confirmation we need to indicate the resumption of the bull run and the likely rally to ETH $5,000 price level in the coming days.
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