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In our previous Ethereum analysis Ethereum Building Momentum For A Massive Move! Buy Now?, we identified a key Triangle Pattern that was forming in the ETH 15 minutes timeframe. We also talked about the very high probability for us to see a bullish surge to the upside in the coming days.
Our bullish target for that Triangle Pattern prediction was the $1,770 price level. This was the standard target for the pattern and was a potential +7% surge in the value of Ethereum in the coming days.
Well fast forward to today, and we can clearly see that bullish prediction playing out exactly! However, our bullish target of $1,770 is still yet to be smashed, meaning there is a very high probability for us to see this bullish rally continue to play out in the coming days.
In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as invalidation points for this Ethereum bullish prediction.
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Ethereum Rally Far From Over!
We still have some way to go before the Ethereum price smashes our bullish target of $1,770. However, for this bullish rally to remain valid, the ETH price must continue to respect and trade above the previous 15 minutes low of $1,603.
This previous low of $1,603 serves as the new key support and invalidation point of this bullish prediction in Ethereum and a break below it could see the Altcoin selling off massively.
This makes it very important for the bulls to defend this key support and continue to push the Altcoin higher to our bullish target.
Final Verdict!
The Ethereum bulls are in control of the market for this week and there is a very high probability that we might see this bullish rally continue to play out in the coming days.
The key pattern we are watching is the Triangle Pattern currently playing out in the 15 minutes timeframe, and our bullish target is the $1,770 price level.
But for this bullish prediction to remain valid, the $1,603 previous low support must continue to be respected and defended by the bulls. A price break below this key level could mean an end to this bullish rally.
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