Our bullish prediction on Ethereum is still playing out exactly! Warning! Is This A Price Break Down Or A Fake Out? and right now, Ethereum is pushing higher but facing major issues at a key resistance level it failed to break through during the initial rally of 2023.
In this Ethereum analysis, we will be going into detail about this key resistance level and what the Ethereum bulls must do if they want to see this price rally continue in the coming days.
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Understanding The Ethereum Trend!
We are still very bullish on the Ethereum price, and we believe there is still a very high probability for us to see the Altcoin price continue to rally higher in the coming days.
The key pattern that supports this bullish bias on Ethereum is the Double Bottom Pattern we have been tracking for weeks now. (The image above was the initial prediction, the image below is what Ethereum is looking like now)
If this Double Bottom pattern plays out exactly, there is a very high probability that we might see Ethereum rally up to the $2,014 price level before facing any major resistance.
However, for us to smash this bullish target, the Ethereum bulls will need to break through and close above the $1,690 resistance first.
Ethereum $1,690 Key Resistance!
Ethereum is currently testing a key resistance it has been trying to break through all January. This $1,690 is the only major level standing in the way of Ethereum smashing our $2,014 bullish target.
The question traders are asking now is “are the buyers ready to push Ethereum past this level or will we see another sell-off in the coming days”
No matter what happens, we are still bullish on Ethereum for now!
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