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The Ethereum bulls are still struggling to break through the $1,690 key resistance level in the 4-hour timeframe. And while the price continues to linger on at this key level, we are already beginning to see traders become anxious, worrying that this might be another failed attempt by the Ethereum bulls.
Well, we understand why you might be anxious but Ethereum is still in bullish territory. And as far as it stays in this bullish territory, we will continue to only look for bullish trade setups to take advantage of.
Our previous TA Urgent! The Most Important Support For The Ethereum Bulls! explains all about this bullish territory and the key support Ethereum must respect if it wants to remain in it
However, for this Ethereum analysis, we will be talking about the two possible price scenarios we can be expecting from Ethereum in the coming days.
Once you are done reading this TA, you will be prepared for whatever, the ETH price chart throws at you in the coming days.
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ETH 1st Bullish Scenario!
For the first bullish scenario, we expect to see the Ethereum bullish momentum pick up in the coming days, breaking through the $1,690 key resistance level and continuing its move up to our bullish target of $2,014.
We believe this is very possible because Ethereum is not yet overextended to the upside and there is still a lot of room for the Altcoin to rally before the bulls lose steam.
ETH 2nd Bullish Scenario!
For the 2nd bullish price scenario, we expect to see the Altcoin try to cause as much pain to traders as possible. And what that pain would look like could be a potential pullback before the bullish rally continues.
What that could look like is the image below where we see the Ethereum price sell-off back down to the $1,176 key support level in the 4-hour timeframe before finding support and rallying higher.
Final Verdict!
No matter what price scenario the Ethereum bulls decide to take in the coming days, we will remain bullish on the Altcoin as far as the ETH price stays within the bullish territory.
Our previous TA Urgent! The Most Important Support For The Ethereum Bulls! explains all about this bullish territory and the key support Ethereum must respect if it wants to remain in it
In Other News…
Biggest Liquidations for Short sellers!
Over $500M has just been liquidated as the Bitcoin price continues to surge. These massive liquidations were for open positions selling the Bitcoin market and expecting the coin to keep on going down.
This is very good because it shows that the crypto industry is not dead despite the multiple controversies and massive crashes that occurred! And if this bullish rally continues, we can expect to see the market regain its ATHs status very soon!
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