Table of Contents
In our previous Ethereum analysis ETH Building Up For A Massive Move Soon! we identified the key pattern the ETH price was currently trading in and the levels to watch out for.
Well right now, the ETH price is testing the support channel of this pattern in the 4-hour timeframe and there is a very high probability that we might see a mini bounce and price rally within this key pattern.
In this Ethereum analysis, we will be talking about this short-term bullish scenario and the key level the bulls need to defend to make this small rally possible.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $30,000 Bonus when you fund your Bybit account with our Bybit link
Ethereum Testing This Key Support. Will it Hold?
Right now, the Ethereum price is testing the base support of this 4-hour pattern and there is a very high probability that we might see this key support hold again.
If the bulls can defend this key level, there is a very high potential we might see a +6% rally in the ETH price in the coming days.
This +6% rally is only a mini rally within the 4-hour pattern and does not indicate the start of a bigger price move. For a much bigger move, we need to see Ethereum break out of this pattern to indicate the direction it wishes to trend towards.
Key Levels To Watch!
For this bullish scenario in Ethereum to remain valid, we need to see the ETH bulls defend the $1,702 support region in the 4-hour timeframe.
If the ETH bulls can hold on to this key support, there is a very high probability that we might see that mini rally in Ethereum play out in the coming days.
However, if this key support is violated, this invalidates the bullish scenario on Ethereum and even points to a possibility of a much larger sell-off in price.
So for now, we are watching this $1,702 key support in the 4-hour closely to see if it would hold.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
