In our previous Ethereum analysis, The Most Important Resistance ETH Must Break To Become Bullish! we identified the key Bullish Flag Pattern that was setting up in the 1-hour timeframe and broke down what this pattern meant for the ETH price in the coming days.
We also talked about the key resistance level the ETH bulls need to break through to indicate the start of this bullish rally.
Well, more than 24 hours later, that $1,679 key resistance level is still holding strong. And in this Ethereum analysis, we will be talking about what we are currently watching as well as the possible price scenarios that are likely in the coming days.
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ETH Ranging Market Continues!
The Ethereum price is right now still ranging within this Flag Pattern in the 1-hour timeframe. This flag pattern helps us paint a clear picture of what is currently going on in the chart as well as the key levels to keep an eye on for now.
And as far as the ETH price continues to bounce around this pattern, we will stand aside and continue to wait for this ranging market to end. And the only way it can end is by a clear price breakout either to the upside or downside in the 1-hour timeframe.
For now, that breakout is still yet to happen as the ETH market is still undecided on the direction the trend will take in the coming days.
What Now For Ethereum?
For now, we continue to wait for the price confusion to die down and for a trend to emerge in the coming days.
The key levels to keep an eye on are the $1,679 key resistance and the $1,566 key support in the 1-hour timeframe.
- Bullish Price Scenario: For the bullish price scenario, we need to see the ETH bulls push the Altcoin price past the $1,679 resistance level.
- Bearish Price Scenario: For the bearish price scenario, we need to see the Ethereum price breakdown and close below the $1,566 support zone.
Until one of these events happens, Ethereum will continue to bounce around within this price range. And from the 1-hour timeframe, that just looks like noise.
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