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The Ethereum price is currently in no man’s land, ranging in the 1-hour timeframe. This sideways trading offers us key levels to watch for a potential move either to the upside or downside.
In this Ethereum analysis, we will be breaking down what each of these moves will look like and the key levels we will be keeping our eyes on in the coming days.
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Ethereum Ranging Market
The Ethereum price is currently wedged between two key levels in the 1-hour timeframe. And until the price breaks through one of these levels there is a very high probability that we might just see the Altcoin continue to bounce around within this price range.
Ethereum Bullish Breakout!
For the Ethereum bullish prediction, we want to see the Ethereum price break and close above the resistance region in the 1-hour timeframe.
A bullish breakout above this $3,179 price level could easily see us rallying as high as $3,433 in the coming days. This is a more than 8% move in price and a valid short-term trade we are looking to make.
But, the Ethereum price must first need to break through the $3,179 resistance to confirm the start of this bullish rally.
Ethereum Bearish Prediction!
For the Ethereum bearish prediction, we will be watching the $2,878 key support in the 1-hour timeframe.
For Ethereum to move lower, the Altcoin price will need to break through and close below this $2,878 key support first. A move like this could see us easily drop further down in the coming days.
The key target we are aiming for is the $2,609 price level. This is a more than -8% drop in price and also falls around an area of major support for Ethereum.
But for this bearish prediction to play out, the Ethereum price must first breakthrough and close below the $2,878 support in the 1-hour timeframe.
So the question now becomes, which of these key levels will get broken in the coming days?
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