In our previous Ethereum analysis, ETH Bearish Momentum Gradually Fading Away! Is Price About To Bounce? we warned our readers of the bullish price scenario that was setting up in the form of a MACD Divergence in the Ethereum 1-hour timeframe and how this could lead to a price bounce in the coming days.
This bullish bounce has played out exactly as we predicted! And was even propped on with the release of the CPI data for the U.S. which brought in massive volatility in the crypto market.
However, the question traders are now asking is “what should we be expecting from the Ethereum price chart in the coming days?” In this ETH analysis, we will be trying to answer that question.
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Ethereum Facing Multiple Resistance! Get Ready To Sell?
The Ethereum price is currently testing multiple resistance right now in the 1-hour timeframe. And for us to even attempt to move higher, we need to see the ETH bulls push the Altcoin price above these key levels first!
Is this kind of bullish rally in the ETH price possible?
We do not know for now, but we know the key levels we need to be keeping a close eye on to spot exactly when the Ethereum price enters the bullish territory and the possibility for a further rally increases.
If the Ethereum price can break through these levels, then there is a very high possibility that we might see a much larger move higher come into play in the coming days.
ETH Bullish Price Sceanrios!
For the possibility of a continued rally in Ethereum to become viable, we need to see the Altcoin break through the $1,608 resistance zone in the ETH 1-hour timeframe.
A bullish breakout like this could signify the start of a much larger move higher for the Ethereum price and that kind of rally could easily take us back to the previous highs of $1,700 or more in the coming days.
But in order for this bullish price scenario to play out, we need to first see the Ethereum bulls push the Altcoin price past the $1,608 key resistance zone in the 1-hour timeframe.
Until this happens, Ethereum is still in bearish territory and we might see more sell-off to the downside happening.
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