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The ETH bulls are still in full control of the Ethereum price as the price of the Altcoin continues to slowly trend higher today. This bullish rally is currently pushing the ETH price back into the ascending channel pattern in the 4-hour timeframe.
In this Ethereum analysis, we will be talking about the key levels we are currently watching as well as the bullish price scenarios that might play out in the Ethereum price chart in the coming days.
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Ascending Channel Pattern!
The Ethereum price is currently trading within the ascending channel pattern again. If this pattern gets respected, there is a very high probability that we might see the Altcoin price rally higher to the $3,500 region soon!
This is a potential 13% bullish rally for the Ethereum price and it might play out anytime now. But for this bullish prediction to remain valid, a horizontal key support level must hold.
Ethereum Key Support!
The line in the sand for the Ethereum bulls is the $3,204 horizontal support in the 4-hour timeframe. This support region is very key to the Ethereum bulls because a break below could mean the end of the bullish rally we are currently seeing play out in the Ethereum price.
This makes it very important for the Ethereum bulls to defend this key support at all costs in the coming days.
Final Verdict!
Ethereum is currently trading in the bullish territory with a very high potential for us to see more bullish rallies play out in the coming days. But for this bullish prediction to remain valid, the $3.204 horizontal key support must hold!
A break below this key support ends this bullish rally in Ethereum making it a very critical level for the Ethereum bulls to protect!
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