For weeks now, we have been tracking the Triangle Pattern that has been forming in the 4-hour timeframe. We warned our readers that this pattern was a great indication that the ETH bullish rally might still be far from over just yet.
Well that bullish prediction is playing out exactly! And in this Ethereum analysis, we will be breaking down the key levels we are curretly watching as well as the possible bullish target for a move like this.
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Ethereum Bullish Breakout Playing Out!
After weeks of consolidation, the Ethereum price is finally breaking out of the Triangle Pattern in the 4-hour timeframe. This bullish breakout is a great indication that the ETH ranging market might be coming to an end and we should be expecting to see a bullish rally in the coming days.
This bullish rally has the potential of pushing the ETH price up to the $2,030 price level in the coming days. This is a potential +10% rally in the value of ETH.
However, for this bullish prediction to remain valid, the ETH bulls must continue to defend a key level in the 4-hour timeframe
ETH $1,757 Key Support!
The most important key support for the ETH bulls right now is the $1,757 minor support in the 4-hou timeframe.
This minor support is the key level the ETH bulls must defend if they want to see the Bullish Traingle Pattern continue to rally higher in the coming days.
If this $1,757 key support gives way, there is a very high probability that we might see an Ethereum sell-off instead in the coming days.
The ETH bullish breakout from the Triangle Pattern has started, and there is a very high probability that we might see this breakout continue to push the Altcoin price to the $2,030 price level in the coming days.
However, for this bullish prediction to remain valid, we need to see the ETH price respect and continue to trade above the $1,757 key support in the 4-hour timeframe.
A price break below this key support invalidates our bullish bais in Ethereum and indicates a high possibility for us to see a push down.
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