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Ethereum price is currently consolidating on the 1-hour timeframe, and this consolidation might turn out to become any pattern at all in the coming days.
Now, if the pattern that is formed is a bearish continuation pattern, then there is a very high probability that we might just see the ETH sell-off continue.
And for the ETH bearish view, we already have a bearish analysis for that kind of scenario Ethereum Price Finally Consolidating! What Pattern Will It Form?
However, if the new pattern formed as a result of this consolidation is a bullish reversal pattern, that could mean a price surge for Ethereum in the coming days! But Ethereum will need to break through a key level before it can reenter the bullish territory.
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The Most Important Key Resistance For Ethereum Bulls
For Ethereum to become bullish again, the ETH price needs to break through and stay above this key resistance on the 1-hour timeframe, turning it back into bullish support.
This key resistance is from the Descending Channel pattern and the Ethereum price will need to reenter into this key pattern if it wants to get the chance to rally higher in the coming days.
But in order to see a bullish surge that would play out like this, we need to see a bullish reversal pattern get formed in this current consolidation. If Ethereum formes a bearish continuation pattern then that ETH rally is off the table.
Final Verdict!
Ethereum is at a critical level, and right now is the best chance the bulls have to fight back. We need to see the Ethereum price rally back into the descending channel pattern on the 1-hour timeframe if the price wants to keep on heading higher.
Failure to break back through this key resistance and into this descending pattern will only mean doom and more sell-off for ETH in the coming days.
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