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In our previous Ethereum analysis, Bullish Divergence Playing Out On ETH. What Next? we talked about the Ethereum bullish price scenario and what we think might happen next.
That Bitcoin price is playing out exactly as we predicted, Ethereum just broke through a key price resistance and is surging higher as we speak! If this rally continues we can expect to see Ethereum surge higher in the coming days.
Is Ethereum Bullish?
This bounce we are seeing on Ethereum just broke through a key resistance creating a Higher-low scenario on the 4-hour timeframe. This is very bullish for Bitcoin and points to a potential surge in price in the coming days.
We are bullish on Ethereum and believe there is a very high probability for the rally to continue.
Key Level To Watch For!
The key level to watch for is the $1,700 previous low. This horizontal support has held the Ethereum price on two occasions now and might just be the base for the coming rally in the Ethereum price!
However, a price breakthrough this support invalidates this bullish prediction and points to more weakness in Ethereum in the coming days.
Bullish Targets
For the Ethereum bullish targets, the first price level to watch is the $2,905 resistance region. The Ethereum price has found it difficult to break through this resistance on numerous occasions.
However, if we do see a price breakthrough, the next resistance to worry about is the $4,403 current ATHs!
Final Verdict!
The level to watch for is the $1,700 support. As far as the Ethereum price continues to trade above this support, we can expect to see the Ethereum trend remain bullish.
However, a break of this support could mean more weakness and a deeper retracement for Ethereum in the coming days.
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