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In our previous Ethereum analysis Ethereum Price Surging Higher. Watch This Key Pattern, we talked about the Ascending Channel Pattern the Ethereum price is currently trading in on the 1-hour timeframe.
This pattern offers us key levels to watch for as support or resistance. And right now, Ethereum is about to test this pattern resistance on the 1-hour timeframe.
Can the Ethereum bulls break through or will this be a failed rally? Continue reading to find out our price scenarios for both the bullish and bearish outlook for Ethereum in the coming days.
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Ethereum About To Test A Key Resistance!
All eyes are on the Ethereum price chart as it approaches the Ascending Channel Resistance on the 1-hour timeframe. This price level has served as a key resistance in the past for Ethereum and might do so again in the coming days.
This will be the first roadblock the Ethereum bulls will face in a bid to end the multi-month sell-off we have been seeing play out on Ethereum from last year.
Ethereum Bullish Prediction!
For the Ethereum bullish prediction, we want to see the price breakthrough and close above this key resistance on the 1-hour timeframe.
A bullish breakout like this increases the chance for us to see a further rally in price come next week.
The question now is “can the bulls breakthrough this Ascending Channel Pattern key resistance in the coming days or will this be another failed move up?“
Ethereum Fails To Break The Resistance
If Ethereum fails to break through this key resistance, this bullish rally might just be over.
A failure to break through this key level could see the Ethereum price crashing back down to the base of the Ascending Channel pattern in no time.
This makes this Ascending Channel Pattern resistance level very important for the ETH price and the Ethereum bulls. The question traders are asking now is:
Are the ETH bulls ready to keep pushing the price higher or are we still going to keep on ranging in an Ascending Channel Pattern?
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