Table of Contents
The Ethereum price is still ranging within the Horizontal Channel Pattern currently playing our on the 4-hour timeframe.
This pattern is a bullish pattern and therefore indicates a very high likelyhood for us to see a bullish breakout and price continuation to the upside in the coming days.
But for that Ethereum bullish bias to remain valid, the Ethereum price must hold a key support on the 4-hour timeframe. A break below this key support invalidates our bullish prediction and the current horizontal channel pattern playing out.
In this Ethereum analysis, we will be talking about this Horizontal Channel patter as well as the key support the ETH price must hold to remain bullish.
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Ethereum Key Support!
The key support Ethereum needs to hold is the base channel of the Horizontal Channel Pattern currently playing out on the 4-hour timeframe.
This base channel intersects with a larger Decending Channel support region making it even more important for the Ethereum price to defend these key levels at all costs.
We talked more about these two key patterns and the support confluence they were creating in our previous ETH analysis Ethereum Bullish Pattern Holding Strong! Can This Support Hold?
Final Verdict!
We are still bullish on the Ethereum price for the short term but that bullish bias can only remain valid if and only if the ETH bulls can hold on to the Horizontal Channel pattern support on the 4-hour timeframe.
A price break below this key support invalidates our bullish prediction and points to more weakness for Ethereum in the coming days. This makes it very important for the Ethereum bulls to defend this price level at all cost.
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