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The Ethereum price is breaking out as we speak, but what is driving this rally and where can we expect the ETH bulls to push the price to?
If you have been following our Ethereum analysis, then you might have been fully prepared for this ETH bullish rally we are witnessing right now.
In our previous analysis Ethereum Expanding Channel Pattern Holding Strong! What Next? we talked about the ETH Expanding Channel Pattern currently playing out in the 1-hour timeframe, and the key level that must be broken for the Ethereum price to surge higher.
Well, that bullish prediction is playing out exactly right now, and Ethereum is already approaching our bullish target.
In this Ethereum analysis, we will be breaking down this bullish target to better prepare for it and what might come next!
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Ethereum Bullish Target!
The Expanding Channel Pattern has a standard target for both the bullish and bearish breakout. For Ethereum, that standard price target is the $3,211 price region.
The Ethereum price is already closing in on this price target and we can expect to smash through it in the coming days.
Will Ethereum Continue The Rally After This $3,211 Price Level?
No one has the perfect answer to that question. But we think there is a very high probability that the Ethereum price might retrace a bit soon because of the massive move it just made.
So as a trader, it is best to stand aside and wait for another trade setup to develop in the coming days before you place a new trade.
Right now, we are just managing this position and waiting for the $3,211 price target for the Expanding Channel Pattern to get smashed.
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