Table of Contents
Its been weeks now since the Ethereum price broke out of the converging triangle pattern in the 4-hour timeframe and started trending higher. We made a bullish prediction during the start of this move and Ethereum has been playing out exactly Has The Ethereum Bull Run Started? Watch This Likely Bullish Target!
However, we believe this bullish trend is far from over as the standard target for the converging triangle breakout is still yet to be smashed.
This target is the $4,000 price region and the Ethereum price is just halfway there. In the coming days, we can expect to see the ETH price gradually continue to head towards this bullish target and finally smash it.
In this Ethereum analysis, we will be talking about the Ascending support that has been forming in the 1-hour timeframe and how this support could give us a mega boost to the upside very soon!
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Deposit Bonus Campaign is now live! First-time depositors can get up to a $4,100 Bonus when you sign-up and fund your Bybit account with our Bybit link.
Ethereum Ascending Support
Ever since breaking out of the converging triangle pattern, the Ethereum price has respected and continues to respect an Ascending Support channel on the 1-hour timeframe.
We have seen the ETH bulls make use of this support on numerous occasions to prop up their move higher. If this level were to hold again, there is a very high probability that it might give us a much-needed boost to the upside.
A bullish boost like this will take us much closer to our target and shorten the wait time for the Ethereum bullish prediction to play out.
What Happens If This Ascending Support Fails?
This Ascending support only serves as a bullish booster! A price break below it will in no way invalidate the Ethereum bullish rally.
However, a price break below this Ascending Channel support may mean more delay in the move up as Ethereum might trade sideways or move lower a bit before it finally resumes its rally back up.
No matter what the Ethereum price decides to do in the coming days, the price will still remain bullish for the long run and will stay that way until our $4,000 price converging triangle pattern target is met.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
