In our previous Ethereum analysis, ETH Bigger Picture. Is This Really The Bottom? we talked about the current state of the market and how the Ethereum price is currently looking on the bigger picture.
Well, in this Ethereum analysis, we will be breaking down the most important support for the Ethereum bulls right now and why a bearish price break below this key support could easily kill the dreams of any bullish trader.
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The Most Important Support For Ethereum
The most important support for Ethereum right now is the base support of that channel pattern Ethereum is currently trading in on the Daily timeframe.
For the Ethereum bullish price scenario to remain valid, we need to see this key support continue to be respected and held by the Ethereum bulls.
A failure to hold this channel support could easily see history repeating itself in Ethereum and the ETH price dumping much lower in the coming days.
The image above tracks the last time we saw a channel pattern form in the ETH daily timeframe and what happened to the Altcoin when the ETH bulls could not hold onto that base support of the channel.
The question now is, can the ETH bulls hold this time and then start pushing Ethereum much higher or will this be another failed attempt by the bulls?
Final Verdict!
On the lower timeframes, we are currently bullish on Ethereum and believe there is a very high probability for the Altcoin to continue rallying higher to the $2,014 price level in the coming days. (You can get a full breakdown of this bullish prediction here ETH Playing Out Exactly! What Now?)
However, on the higher timeframe, we believe the ETH trend is still undecided. In the coming days, we will be keeping a close eye on this higher timeframe and keeping you up to date as the price unfolds.
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