For days now, we have been tracking the ETH price breakout from the bullish Triangle Pattern currently playing out in the 4-hour timeframe.
This pattern is so important to professional traders because it puts the market in perspective and provides us with a valid price target as well as an invalidation point to watch out for.
In this Ethereum analysis, we will be giving you an update on what the ETH price is currently doing right now as well as the key support the Altcoin price is testing and what might happen next!
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ETH Bullish Rally Far From Over!
Despite the price pullback, we have experienced for a couple of days now, we still believe there is a very high probability that the ETH bullish rally is far from over.
And right now, the ETH price is testing a key level in the 4-hour timeframe. This $1,837 key level was created after the Ethereum price broke out of the Triangle pattern and is now retesting that breakout level for support.
If this $1,837 support holds, there is a very high probability that we might see the ETH bulls begin to return to the market, increasing the bullish momentum in the Altcoin and causing a resumption of the move up.
Final Verdict!
We are still very bullish on the Ethereum price. And the key pattern that supports this bullish bias on the Altcoin is the Triangle Pattern breakout currently playing out in the 4-hour timeframe.
For a full breakdown of our invalidation level as well as the bullish target for this move, check out our previous analysis The Most Important Support For The ETH Bulls Right Now!
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