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For the past few days now, we have been talking about the Bullish Flag pattern that is currently forming in the Ethereum 1-hour timeframe ETH Flag Pattern Still Holding Strong! Watch These Key Levels. We said this pattern was a great indicator that the ETH bulls might want to take back control of the Ethereum market in the coming days.
Well, that bullish prediction is still valid and playing out right now! The Ethereum price over the weekend had a major bounce from the $1,566 key support level showing bullish strength coming back into the market.
However, this Ethereum rally might be short-lived if the price does not break through a key resistance level in the 1-hour timeframe! In this Ethereum analysis, we will be talking about this $1,679 key resistance level and the price scenarios that might be setting up right now!
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$1,679 The Most Important Resistance For Ethereum Right Now!
The Ethereum price is right now still trading within the Flag Pattern in the 1-hour timeframe. But for the bullish rally to be confirmed, we need to see the Altcoin break and close above this key pattern.
The image above is what a completed flag pattern looks like. And when we compare it to the current price action in Ethereum, we are still waiting for the resumption of that second leg up.
Until that push-up begins, Ethereum is still in unknown territory and there is no bullish confirmation yet.
What Now For Ethereum?
For the Ethereum rally to continue, we need to see the Altcoin break and close above the $1,679 key resistance level in the 1-hour timeframe.
A price break above this key level is the confirmation we need to indicate that the bulls are fully in control of the market and the Bullish Flag pattern is ready to begin pushing higher.
For now, that price breakout is still yet to happen, so we will stand aside and continue to wait for that bullish confirmation.
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