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The crypto market ended the day mostly flat as the prices of both Bitcoin and Ethereum ranged most of the time.
This ranging market was very prevailent in the Ethereum price as we saw a bit of profit taking after the Altcoin broke out of an ascending chanel pattern and surged more than 11% in less than 48 hours.
And right now Ethereum is foring a continuation pattern in the 15 minutes timeframe.
In this timeframe we are seeing the Ethereum price form a flag pattern. This pattern is very bullish and indicates a more likly bullish breakout in the coming days.
We will be talking about the key levels we are watching as well as our bullish prediction for the Ethereum price.
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The Ethereum Flag Pattern!
The flag pattern is a very bullish pattern that offers key levels to watch for a coming breakout. These levels are the converging channels and right now, Ethereum is trading tightely in between these converging channels in the 15 minutes timeframe.
But sooner or later this compressing momentum will have to explode out. And this explotion in bullish mpomentum is what we believe will push Ethereum back to ATHs!
Key Level To Watch!
The key zone to watch is the $3,700 horizontal support in the 15 minutes timeframe. For our bullish prediction for Ethereum to remain valid, the Ethereum price needs to continue trading above this $3,700 support!
A price break below this support would only mean a potential sell-off for Ethereum in the coming days. This makes this level very important for the Ethereum bulls to defend it in the coming days.
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