Table of Contents
The Ethereum price has been building bullish momentum all through the weekend as the Altcoin price gets ready to have a massive breakout in the coming days.
In this Ethereum analysis, we will talk about the key patterns we are watching as well as the key resistance level the ETH bulls must breakthrough for this bullish rally to play out.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Deposit Bonus Campaign is now live! First-time depositors can get up to a $4,100 Bonus when you sign-up and fund your Bybit account with our Bybit link.
Ethereum Confluence Of Support!
Right now, the Ethereum price is trading around a confluence of two bullish patterns on the 4-hour timeframe. This pattern confluence is between the Descending Channel Support and the Horizontal Channel all pointing to a likely rally for the Ethereum price in the coming days.
But for this bullish rally to play out, Ethereum must break through a key resistance level on the 4-hour timeframe. This break out would confirm the end of the sideways range and the resumption of the ETH rally higher.
And it is looking like it might just be ready to make that bullish breakout soon!
The Key Resistance Ethereum Must Break Through!
The key resistance we are watching is from the Horizontal Channel Pattern on the 4-hour timeframe. We have seen the Ethereum price test this key level over and over again but fail to close above.
Why Is A Breakout Important? A breakout is very important because the Horizontal Channel Pattern is a bullish pattern and the buy indication for the pattern is when the price breaks from the range and closes above the resistance channel.
A breakout like this would confirm the end of the Ethereum range and a possible rally for Ethereum back to the $3,900/$4,000 price region in the coming days.
This could easily be around a 15% rally in price and might play out as we enter into the new week and see renewed trading volume from traders all over the world.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 50% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
