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In our previous Ethereum analysis Ethereum Testing This Major Support! Will It Hold? Watch This Key Pattern, we identified two key things that supported our bullish bias on Ethereum.
These key things include the $1,406 major support the Ethereum price was testing and the Ending Diagonal Pattern that was playing out in the 15 minutes timeframe.
Well fast forward to the time of publishing this TA, the Ethereum price is finally breaking out to the upside exactly as we predicted. We will be breaking down the key levels we are currently watching as well as the likely targets for this move-up.
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Bullish Target For Ethereum!
The pattern we are watching is the Ending Diagonal pattern. This pattern has a standard way of trading it as well as a standard target to aim for. And for Ethereum, that standard target is the $1,519 price level.
There is a very high probability that we might see the Ethereum price continue to rally higher toward this target in the coming days.
Key Support To Watch For!
For Ethereum to remain bullish, the ETH price must continue to respect the $1,406 major support.
As far as this level continues to hold, we might just see more buyers stepping into the market and pushing the Altcoin price even higher.
However, if this key support level gets broken, we might see the Ethereum sell-off that has been playing out for weeks now continue.
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