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In our previous Ethereum analysis Ethereum Ready To Explode! Watch This Key Pattern we talked about the converging triangle pattern on the 1-hour timeframe and the potential bullish breakout that might occur soon.
And right now, that Ethereum bullish breakout is playing out exactly as we predicted. The ETH price just broke through the resistance channel of the pattern and is pushing higher to our 12% profit target.
In this Ethereum analysis, we will be talking about the key levels we are watching as well as our targets for the Ethereum price for the coming days.
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Ethereum Key Support Level!
The Ethereum bulls are in full control of the market, pushing the Altcoin higher as we finally end the sideways trading we have been experiencing for weeks now.
However, for this bullish rally to remain valid, we need the Ethereum price to stay above the previous lows at $3,875. As far as this horizontal support can remain valid, we can expect to see more movement to the upside in the coming days.
Ethereum Bullish Target
Our bullish target for this converging triangle move would be the $4,484 price level. This is the standard target for this pattern and has a very high probability of playing out in the coming days.
This is a potential 11% surge in the price of Ethereum and can be fully taken advantage of by Ethereum traders.
Fianl Verdict!
The Ethereum price has finally broken through the converging triangle pattern on the 1-hour timeframe and is currently heading higher exactly as we predicted.
The key level we are watching is the $3,875 key support on the 1-hour timeframe. We will remain bullish on the Ethereum price as far as it continues to trade above this key support.
As for our bullish target for this move, we are aiming for a potential 11% surge in the Ethereum price to the $4,484 price region in the coming days. This is the standard target for a converging triangle breakout.
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