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In our previous Ethereum analysis ETH Testing This Key Support! Will It Hold? we talked about the $1,477 key support and the major region we were expecting to see buyers begin to pour into the Ethereum market.
Well, that 4-hour key support held has been predicted and right now we are seeing the Ethereum price rally higher. But is this enough to finally push the ETH price past the $1,690 key resistance we have been struggling to break above all of 2023?
In this Ethereum analysis, we will be breaking down what we are currently watching as well as the key levels we are keeping a close eye on in the coming days.
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Is The Ethereum Price Finally Ready Rally?
There are multiple ways to look at the current price action currently playing out in the Ethereum price chart. However, no matter how you analyze the chart, the one key level that stands out is the $1,690 key resistance in the 4-hour timeframe.
For the Ethereum bullish rally to continue, we need to see the ETH bulls push the Altcoin past this key resistance level in the 4-hour timeframe.
Until a bullish breakout like this occurs, the ETH price will only be facing major resistance at this $1,690 key level and falling back lower.
Is There Any Key Pattern To Watch?
Right now, we are watching this price development in the ETH 4-hour timeframe play out within a much larger Flag Pattern.
This flag pattern is very important because it sets clear levels we want to see the Ethereum price break out off to confirm the start of the move higher for the Altcoin.
For now, the Ethereum price is still trading within the Flag Pattern. This means the rally has not started and we should stand aside and wait for the breakout.
Final Verdict!
The Ethereum bulls are struggling to retain control of this market. However, the ETH price is currently in no man’s land!
For the bullish rally to continue, we need to see the Altcoin price break and close above the $1,690 key resistance in the 4-hour timeframe. And the key pattern supporting this move higher is the Bullish Flag Pattern currently forming in the 4-hour timeframe.
Until a bullish break out of this $1,690 key resistance and this flag pattern occurs, we will continue to stand aside and wait for our bullish confirmation to come into play.
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