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In our previous Ethereum analysis, ETH Forming A Bearish Flag Pattern. Watch These Key Levels we warned our readers that the ETH price was still in a bull trend. However, there might be a mini-sell-off caused by a bearish flag pattern before that bull trend resumes.
Well, that bearish flag pattern has been totally invalidated as the ETH price rallied on news that Federal Reserve printed over $300 Billion in an emergency fund to protect the crashing banking.
The infusion of this new money into the system benefits the crypto industry as it increases liquidity in the market.
In this Ethereum analysis, we will be talking about the new key levels we are currently watching and what might be setting up for Ethereum in the coming days.
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Ethereum About To Make New Highs?
The fundamentals are supporting the Ethereum price remaining bullish for now. So in the coming days, we expect to see the Altcoin continue to push higher and possibly make new highs soon!
For the technical analysis, the key level we are keeping a close eye on is the $1,674 support in the 1-hour timeframe. This $1,674 support was the key level the ETH price broke below earlier in the week that led to a massive dump in prices.
So right now, this $1,674 key support needs to hold this time if we want to see the ETH bullish rally continue higher. The question now is can the bulls defend this key level or will the price just break back below it in the coming days?
ETH Bullish Rally. Levels To Watch For
For the rally to the upside, the next key level to watch for is the $1,778 previous high.
This $1,778 price level was where the Ethereum price got to earlier this week before selling off rapidly. So in the coming days, we will be watching to see what happens when the ETH price gets back up to this level.
For the push-up to continue, we need to see the Altcoin breakthrough this $ 1,778 previous high.
So for now, we are still bullish on Ethereum and believe the Altcoin will continue to push up in the coming days.
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