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For years now, the Ethereum price has been in a massive bearish market! This consistent sell-off has seen the Altcoin lose more than -87% of its value.
However, we are beginning to see a price bounce, and the question traders are asking is “is this the bottom of the bear market or should we expect more push to the downside?”
In this Ethereum analysis, we will be breaking down what the bigger picture of Ethereum currently looks like, and the key levels that are currently in play right now!
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Is Ethereum In A Bull or Bear Market?
After years of selling off, the Ethereum price is currently bouncing but not yet making new highs.
And while a lot of analysts are screaming the start of a bull run, we will take the side of caution and state that Ethereum is only in a ranging market for now on the higher timeframe.
The image above explains why we think Ethereum is still ranging and the Channel Pattern that the price is ranging within.
For Ethereum to enter into a new bull run, we need to see the bulls push the ETH price above this channel pattern in the higher timeframe. A bullish move like this could indicate that this might be the bottom of the bear market and the new bull run has begun.
What Is Ethereum Doing Now?
Well right now, the Ethereum price is trading in the middle of the channel pattern. And in the coming days, we expect to see the ETH bulls break through this level and keep on pushing higher to the top of the channel.
So for the next couple of weeks, we expect to see the Ethereum price remain bullish as we move towards this $2,014 price target.
For a full breakdown of our Ethereum bullish prediction and how we are taking advantage of this bullish move in the lower timeframes, check out our previous TA ETH Playing Out Exactly! What Now?
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