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In our previous Ethereum analysis: Ethereum Is Still Very Bullish! Watch This Key Pattern, we talked about the Ethereum Bullish Flag Pattern currently forming on the 4-hour timeframe.
This pattern is a bullish continuation pattern and indicates there is a very high probability that we might see ETH continue to rally higher once we finish this current sideways trading.
However, for this key pattern to remain valid the ETH price needs to respect and continue to trade above the support channel for this flag pattern
In this ETH analysis, we will be updating you on what the Ethereum price is doing right now and what is next for the Altcoin.
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ETH Key Support Holding Strong!
The Ethereum price is playing out exactly as we predicted, and right now the price has tested and bounced off this channel key support on the 4-hour timeframe.
For us to remain bullish on the ETH price, the Altcoin must continue to trade above this key support on the 4-hour timeframe. A break below it invalidates our flag pattern and increases the chances for us to see more sell-off in the coming days.
What Next For Ethereum?
Every time the Ethereum price gets to this key support, we see the ETH price always hold and then reverse back up. So in the coming days, we want to see this happen again.
We want to see the Ethereum price hold this channel support, reverse, and begin to rally back higher to the top resistance channel of the flag pattern.
This is a potential 17% rally in the price of Ethereum and will only remain possible if and only if the Ethereum price can continue to respect and trade above the support channel of the flag pattern on the 4-hour timeframe.
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