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In our previous Ethereum analysis ETH Triangle Pattern Invalidated! What Does This Mean? we talked about the major support zone the ETH price was trading in and how we expect to see buying power come into the market from this zone in the coming days.
Well, that buying power did come into the market as predicted and right now we might be seeing the start of the bullish rally we have been expecting for the past few weeks.
In this Ethereum analysis, we will be breaking down the key levels we are watching as well as the new pattern we believe might be giving us a better insight on what to expect next from the Ethereum price chart.
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Is This The Start Of A Bigger Rally For Ethereum?
After bouncing from the $1,566 support zone as we predicted, the Ethereum price is now forming a new bullish pattern in the 1-hour timeframe. This Bullish Flag Pattern is a strong indication that the ETH price might be setting up to make a massive move to the upside soon!
The image above is what a completed Bullish Flag Pattern should look like. And if you compare that image and the current price action we are seeing play out in ETH 1-hour timeframe right now, you will see a lot of similarities in price structure.
So in the coming days, we will be tracking this key pattern to see if the bulls will finally have what it takes to break out of it and complete the move higher.
What Do We Need To See Happen?
We need to see the Ethereum bulls push the Altcoin price above the Flag Pattern to confirm the bullish breakout and the potential for us to see the rally higher continue in the coming days.
Until we see this bullish breakout from this 1-hour Flag Pattern, we will stand aside and continue to wait for that confirmation to play out.
A bullish breakout like this could be a great indication that the Ethereum ranging market is finally over and we can expect to see the rally higher continue.
But that bullish breakout is still yet to occur, so for now we stand aside and wait.
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