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In our previous Ethereum analysis, ETH Getting Ready To Push Up A Bit! Watch This Key Level, we warned our readers of a possible bounce in price over the weekend after the ETH bears pushed the value of Altcoin down more than -12% in a matter of days.
Well, that bullish bounce has been playing out exactly, and in this ETH analysis, we will be breaking down the key pattern that might help us spot exactly when the rally will end!
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Understanding The Ethereum Price Trend For Next Week!
We believe next week might see the Ethereum trend remain bearish. This bearish forecast is being supported by the ETH price breaking key levels to the downside and doing it with massive volume.
We actually believe this bounce and push in price currently playing out is just profit-taking as sellers begin to lock in their gains and look for better prices to re-enter for more sells in the coming days.
What Is Ethereum Doing Right Now?
Well, the Ethereum price has been pushing up exactly as predicted! However, this move higher has been slow, choppy, and showing signs of weakness.
This is a good indication that the bears might still be in control of the market and sooner or later the last of the bullish volume still propping the ETH price higher will dry up.
We are currently seeing this push-up in price play out within an Ascending Channel Pattern. We believe that once this pattern is completed there is a very high probability for is to see the ETH selling pressure return and for the Ethereum sell-off to resume in the coming days.
So for now, we are watching this Ascending Channel Pattern closely and will be attempting to use it to time the exact ending of this ETH bullish bounce.
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