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The higher timeframe picture for Ethereum currently looks like the image above.
We can clearly see that the Ethereum price has been trading within a Descending Channel Pattern for a while now! However, the price is finally breaking out and attempting to start a bullish bounce and rally.
But for Ethereum to do this, the price will have to break through and close above the $1,400 key resistance region.
In this Ethereum analysis, we will be talking about what Ethereum is doing right now and what it must do for this bullish rally in the Altcoin to continue higher in the coming days.
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ETH $1,400 Key Resistance!
The Ethereum price is currently trading at a key resistance level. And unless this $1,400 key resistance zone can be broken, there is a very high probability that we might just see the Altcoin price sell-off in the coming days.
This $1,400 zone is the first level Ethereum bulls need to break past for us to confirm that this might really be the start of a much larger bullish rally for the crypto market.
How High Can ETH Rally If The $1,400 Resistance Gives Way?
If the $1,400 resistance zone gives way, there is a lot of room for the upside. And we expect the Ethereum bulls will try and fill up this empty room by potentially pushing prices back up to ATHs.
This is about 80%+ in value and could see life coming back into the crypto community after years of bearish trends.
This could be the start of something major in the Ethereum market. But for this to happen, the ETH bulls need to push the price past the $1,400 resistance region.
If Ethereum fails to break through this key region, there is a very high probability that we see renewed bearish momentum and push to the downside in the coming days.
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