In our previous Ethereum analysis ETH Sell-Off Far From Over! Watch This Level, we identified a key Head and Shoulders Pattern that was playing out in the 15 minutes timeframe and made a bearish prediction on Ethereum.
However, we warned our readers that this bearish prediction can only remain valid if and only if the ETH bears can hold and keep the Ethereum price below the $1,341 key resistance level in the 15 minutes timeframe.
Well late last night, we saw the Ethereum price surge up, breaking through that $1,341 key level and invalidating our Ethereum bearish bias. What does this bullish surge mean for Ethereum, should we be expecting more push to the upside or will the Ethereum price be facing any major resistance soon?
In this Ethereum analysis, we will be talking about the key levels we are currently watching and what we believe the ETH price might be up to next.
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Is Ethereum Bullish or Bearish?
The bigger picture for Ethereum shows the Altcoin price trying to break out of the massive Channel pattern it has been trading within for the past few weeks/months.
However, the ETH bulls encountered major resistance while trying to push the price higher. That resistance is the $1,384 price level. And we can see how Ethereum respected this key level on two previous occasions in the past.
This previous failure to break through this $1,384 price level increases the importance of this resistance to the bulls. The question now is can Ethereum push through this level and keep on heading higher in the coming days?
What Next for Ethereum?
The only way for the Ethereum bullish rally to continue higher is for the price to break and close above the $1,384 resistance level in the 15 minutes timeframe.
As far as Ethereum continues to trade below this resistance, there is a very high probability that we might just see the Altcoin respect this level again and begin to sell off.
So in the coming days, we will be keeping a close eye on this key level to see how Ethereum reacts to it in the coming days.
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