After weeks of failing to break through the Bullish Flag Pattern in the 1-hour timeframe, the Ethereum bulls have right now pushed the Altcoin price back to this key resistance.
Is it time for us to finally see a bullish rally or will this be another failed attempt to the upside? Continue reading to find out the bullish price scenario we are waiting for as well as the key resistance the ETH price must break through to confirm the start of this rally higher.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $30,000 Bonus when you fund your Bybit account with our Bybit link
ETH Key Levels To Watch!
The Ethereum bulls have been fighting hard to finally push the Altcoin price out of this ranging market in the 1-hour timeframe. But after weeks and weeks of failed rallies and fakeouts, we now know the most important level the ETH bulls need to break through.
That level is the $1,679 key resistance in the 1-hour timeframe. This horizontal level is clearly visible in the 1-hour timeframe and we have seen it get defended over and over again by the ETH bears, confirming that sellers are not yet willing to let this zone go!
So what we need from Ethereum right now is a massive breakout from this region to begin liquidating those sellers and pushing the Ethereum price higher.
Until this kind of bullish breakout happens, Ethereum is doomed to continue facing massive selling pressure.
What Do We Need To Happen?
The image above is the kind of price action we want to see from Ethereum in the coming days.
A bullish breakthrough this $1,679 key resistance level is the perfect indication we need that the bulls are now in full control of the market and the rally higher for Ethereum has resumed.
However, this kind of price action is still yet to happen, so we continue to watch to see if the bulls can hold on or if more sellers will begin to pour in.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top 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
100x Leverage
100x Leverage
100x Leverage
