In our previous Ethereum analysis Is Ethereum Getting Ready To Bounce? Watch This Key Support. we talked about the $1,702 key support in the 4-hour timeframe and warned our readers of the possible bounce in price from this key region soon!
Well, that bullish prediction is currently playing out exactly! The Ethereum bulls managed to defend the $1,702 key support and right now we are watching the ETH price rally higher.
In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as what the bullish price scenario might look like in the coming days.
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ETH Rally To $1,857?
If history is to repeat itself, then there is a very high probability that the Ethereum price will continue to follow the converging pattern it has been trading in all through last week.
If this pattern plays out, we can expect to see Ethereum continue to push up and head back toward the resistance channel of the 4-hour pattern. This kind of price rally could easily see the ETH price trading back around the $1,857 price region in the coming days.
So for now, we believe the Ethereum bullish move up is still far from over and there is a very high probability that we might see the Altcoin continue to move higher soon!
Key Levels To Watch For!
The most important key level for this bullish prediction remains the $1,702 key support in the 4-hour timeframe. For the ETH bullish price scenario to remain valid, we need to see the Altcoin continue to respect and trade above this key support.
If the ETH price breaks below the $1,702 support, then there is a very high probability that we might see a much larger pullback in price.
But for now, this key level is still holding. So we will remain bullish and believe that ETH might continue its push up to $1,857.
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