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Ethereum is getting ready to rally more than 8% soon! This bullish move plays out exactly with what we have been seeing play out in the Ethereum price on numerous occasions in the past and might do so again soon.
The key support level we are watching is the $3,173 horizontal support in the 4-hour timeframe. Every time the Ethereum price has respected this horizontal region, we have seen the altcoin price rally higher.
And right now Ethereum has tested this key level and found support again! If this level continues to hold, we might see a bullish price surge play out exactly as it has done in the past.
This provides us with a high-quality short-term bullish rally we can take advantage of.
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Ethereum Bullish Price Target!
Ethereum is still trading within an ascending channel pattern in the 4-hour timeframe. This pattern offers us key levels to watch for in the coming days.
For the Ethereum bullish target, the key level we are watching right now is the channel resistance of the ascending channel pattern. There is a very high probability for the Ethereum price to rally back towards this region soon!
Final Verdict!
Ethereum is still in a ranging market right now. However, this trading range offers us key levels to watch for Ethereum to bounce around. This potential 8% surge is only a short-term rally.
For the main bullish rally to start for Ethereum, the price first needs to finally break out from that ascending channel pattern in the 4-hour timeframe. As far as this pattern continues to hold, we can expect Ethereum to continue trading sideways for now!
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