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In our previous Ethereum analysis Is ETH Setting Up For Another Push Higher Soon? we identified the ranging market the Ethereum price was currently trading in and talked about the potential Bullish Flag Pattern that might be forming in the 4-hour timeframe due to that range trading.
Well, that was only one possible scenario. The ETH price still has other possible scenarios that we will be taking a closer look at in the ETH analysis.
We will also be breaking down the key levels we are watching and why we believe the Ethereum price is currently accumulating momentum for a massive move soon!
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Understanding The Ethereum Ranging Market!
The Ethereum price is currently respecting 2 key levels in the 4-hour timeframe, creating a unique range-bound zone for the ETH price.
As long as the Altcoin price continues to trade within this range-bound zone, we can expect to see Ethereum continue to move sideways and undecided in what trend it wants to take in the coming days.
So for now, we are closely watching how the Ethereum price is developing and trying to deduce what direction the price breakout will take.
ETH Possible Breakout Scenarios!
There are two possible breakout scenarios for this ranging market currently playing out in the Ethereum 4-hour timeframe.
It is either the ETH price breaks out to the upside or to the downside in the coming days. But whatever direction this breakout occurs, there is a very high probability that we might see the Altcoin price trend that way for a bit.
So if we see a bullish breakout, we can expect to see more push to the upside for Ethereum. However, if the price breakout occurs to the downside, there is a very high probability that we might see a sell-off instead.
Final Verdict!
The Ethereum trend is still undecided as of yet. The ETH price is still accumulating momentum in the 4-hour timeframe. This accumulation phase has put the ETH price in a ranging market.
And until the Altcoin can break out of this ranging market, we will stand aside and wait for that breakout/breakdown confirmation.
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