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The crypto market ended the trading day flat as the price of both Bitcoin and Ethereum ranged most of the day. However, the Ethereum price is currently breaking through a key pattern playing out in the 4-hour timeframe.
In this Ethereum analysis, we will be talking about this ascending channel pattern as well as the key levels we are currently watching for in the Ethereum price chart.
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The Ethereum Ascending Channel Pattern
We talked about the ascending channel pattern playing out in the ETH 4-hour timeframe in our previous analysis ETH Flash Crash! What Happened and What Next?.
Since publishing that analysis, the Ethereum price has ranged within the ascending channel and is currently testing the resistance line.
ETH Bullish Prediction!
For the ETH bullish prediction, we want to see the Altcoin break and close above this ascending channel pattern in the 4-hour timeframe. If this level gives way, we can expect to see Ethereum rally back higher sharperly in the coming days.
But for this bullish prediction to play out, the Ethereum price needs to break and close above the ascending channel pattern.
If Ethereum is unable to break through this ascending channel pattern, we might see a ETH bearish price scenario play out in the coming days.
ETH Bearish Price Scenario!
If Ethereum fails to break through the ascending channel pattern, there is a very high probability that we might see the Altcoin sell-off in the coming days.
This sell-off would likely bush the ETH price back down to the base of the ascending channel in the coming days.
Ethereum is trading at a critical level rigth now and what the price does in the next 24 hours will have a huge impact in the direction and trend the Ethereum price will assume in the coming days.
The big question now is: can Ethereum break above the ascending channel pattern currently playing out in the 4-hour timeframe, or can we expect to see more sell-off?
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