In our previous Ethereum analysis ETH Key Support Held As Predicted! Get Ready For A Rally? we identified the key Bullish flag Pattern that was forming in the 1-hour timeframe and talked about how this pattern could affect the ETH trend in the coming days.
Well, since publishing that TA, we have seen the Ethereum price have a quick -4% sell-off. But despite this sell-off, the Ethereum price is still respecting this Bullish Flag Pattern, making us believe that there might be a chance we see a price bounce happen soon!
In this Ethereum analysis, we will be talking about the key levels we are currently watching as well as what we expect the Ethereum price to do in the coming days to keep our bullish bias alive.
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ETH Trading At A Key Confluence!
The Ethereum price is right now forming a very bullish Flag pattern in the 1-hour timeframe, and this pattern is also trading within a major support zone that we have seen the bulls take advantage of over and over again in the past.
This $1,566 support zone offers us a key level we do not want to see the Ethereum price break below! And the combination of this Flag Pattern and the $1,566 key zone offers us a unique confluence zone we can expect to see the Ethereum bulls try to take advantage of soon!
So for our bullish bias on Ethereum (and this bullish Flag Pattern we are currently tracking) to remain valid, we need to see buyers begin to re-enter the market to defend this $1,566 key level and push the Ethereum price higher in the coming days.
Despite the Panic that might have occurred from the -4% sell-off we saw play out in Ethereum earlier today, we are still bullish on the Altcoin and believe there is a very high probability that we might see a price bounce in the coming days.
The key pattern that supports this bullish bias is the Flag Pattern the ETH price is currently forming in the 1-hour timeframe. As far as this pattern remains valid, we will stand by our bullish bias on the Altcoin.
However, a price break below the $1,566 key zone invalidates this key pattern, making it very important for the ETH bulls to defend this support zone at all costs if they want to retain control of the market.
So for now, we are keeping a close eye on this development to see how it plays out.
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