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The Ethereum price is currently ranging around key support on the 1-hour timeframe. This range is forming a channel that might get broken at any minute. Can the bulls push the ETH price higher?
In this Ethereum analysis, we will be talking about this key pattern currently forming on the 1-hour timeframe, as well as what the Ethereum price might do in the coming days.
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Understanding The Ethereum Bigger Picture
In our previous Ethereum analysis ETH Bullish Rally Gaining Momentum. Watch This Key Level! we talked about the Descending channel pattern currently playing out on the 1-hour timeframe and how we might see a 20% bullish rally from this region in the coming days.
This Descending channel pattern offers us key levels to watch and right now Ethereum is trading around the support level of this pattern on the 1-hour timeframe.
It is important for the Ethereum price to hold and continue trading above this channel support if we want to keep the hopes of a bullish rally alive.
What Is Ethereum Doing Now?
Well, the Ethereum price is currently consolidating around this channel support. And this sideways has created a pattern we can take advantage of in the coming days.
The key pattern the Ethereum price formed is a Horizontal Channel pattern. This pattern is bullish in nature and points to an increasing possibility for us to see the ETH price continue to rally higher in the coming days.
Best Way To Trade This Pattern
The best way to trade this key pattern is by waiting for a price breakout out of the pattern range on the 1-hour timeframe. A price breakout like this would confirm the end of the sideways trading and the continuation of the rally higher on the Ethereum price chart.
As for the invalidation point for our bullish bias, the key level to watch is the larger Descending channel support Ethereum is currently trading. As far as Ethereum continues respecting this Descending channel support we will remain bullish on the Altcoin.
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