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The crypto market ended the trading day flat as the price of both Bitcoin and Ethereum continued to range all through today. This ranging market is a continuation of the slow market we experienced last week, however, it might be over soon.
The Ethereum price is currently testing a key resistance level in the rising channel pattern currently playing out in the 15 minutes timeframe.
This channel pattern is very important for ETH as it provides us with the exact price level to expect a bullish rally or price sell-off in the days.
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Ethereum Bullish Price Prediction!
For the Ethereum bullish price prediction, we want to see the price breakthrough this 15 minutes channel pattern. This channel resistance has held the Bitcoin price back on previous occasions and might do so again.
A price break and close above it would be the perfect confirmation we need for the resumption of the bullish rally in Ethereum.
Ethereum Bearish Prediction!
However, if Ethereum fails to break through this key resistance, we might just see the price continue to range within the ascending channel or even sell-off in the coming days.
This ranging market will have more days of sideways trading and price closing flat for the crypto market. This will only delay our rally back to ATHs and increase the potential for us to see more bearish pressure come into the Ethereum market.
Final Verdict!
Ethereum is still very bullish and we believe the price is currently building momentum for a massive breakout soon!
However, that breakout is still yet to happen as the Ethereum price continues to trade sideways within an ascending channel pattern playing out on the 15 minutes timeframe.
For the bullish rally in Ethereum to continue, the Altcoin price needs to break through the channel resistance.
As far as the price continues to trade below it, we just continue to experience a slow and sideways market in Ethereum.
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