Table of Contents
The Ethereum price has been ranging sideways for weeks now! This sideways trading only occurs when the ETH price is building up momentum to make a massive move.
And we believe the pattern Ethereum is forming is a good indication of this coming move in the Altcoin.
In this Ethereum analysis, we will be talking about the key levels we are currently watching as well as what the bullish and bearish scenarios might look like.
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Ethereum Bullish Price Scenario
For the Ethereum bullish price scenario, we want to see the ETH bulls push the Altcoin price above the resistance channel in the 15 minutes timeframe.
A bullish breakout like this indicates the end of the sideways market and the start of the ETH move higher.
It is important for the Ethereum price to break and close above this channel resistance first before we become bullish because the ETH bulls have tried and failed to do so on numerous occasions in the past.
Ethereum Bearish Price Scenario
We can expect to see the Ethereum sell-off intensify if the price manages to break down below the channel support in the 15 minutes timeframe.
So in the coming days, we will be keeping a close eye on this key level to see if the bulls can continue to defend it.
Final Verdict!
Ethereum is currently trading at no man’s land, and until the trend begins it is important to manage risk. In the coming days, we will be keeping a close eye on these ETH levels to see which one of them will finally give way.
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