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In our previous Ethereum analysis Decision Time: The Channel ETH Must Break To Become Super Bullish Again! we talked about the Descending Channel pattern currently playing out on the Ethereum 4-hour timeframe and how a break of this key pattern could signal a change in the bearish sentiment for the Altcoin.
Well, that prediction is playing out exactly! Right now we are seeing the Ethereum price move out from this Descending Channel Pattern, a clear sign that the Ethereum bulls are fighting back.
However, the ETH price still needs to do a few more things before we can fully confirm the bullish rally has started. And in this Ethereum analysis, we will be breaking down the key things we are waiting to see happen and why!
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What Next For The Ethereum Price?
So the first step to a change in trend has occurred for Ethereum, we have seen a break out of the Descending Channel Pattern on the 4-hour timeframe.
The next step is to see bullish momentum and volume come into the market. Right now Ethereum has broken through the Descending channel pattern but is still just trading sideways because of a lack of bullish volume to push the price higher.
So in the coming days, we want to see the bullish volume on Ethereum pick up and push the Altcoin above the $3,164 previous highs.
A break of this $3,164 previous highs is the final confirmation we need that Ethereum has changed into a bullish structure and the price rally has begun.
Final Verdict!
Until we see a Breakout Confirmation above the $3,164 previous highs like the image displayed above, it is better to stand aside and wait.
Right now, Ethereum is still in the indecision phase and it is very easy for this bullish prediction to be invalidated. This makes it very important for us to see our bullish confirmation before we enter any trades.
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