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The Ethereum price is still in a consolidation stage with the Altcoin forming a rectangle pattern in the 4-hour timeframe. We talked about this pattern in the previous analysis: Ethereum Ranging Market Continues! Watch This Key Pattern, and right now, the pattern is still playing out exactly as we predicted.
In this Ethereum analysis, we will be taking a look at the intricate movement of the Ethereum price within this key rectangle pattern currently forming and the potential for us to see a 10% bullish rally soon!
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Ethereum Rectangle Pattern!
The rectangle pattern is a consolidation pattern that helps us define the region we can expect the Ethereum price to range in between. For the Ethereum price chart that region is the $3,915 key support and the $4,886 key resistance.
These two regions serve as the boundary for the Rectangular Consolidation for the Ethereum price and we can expect to see the Altcoin trade in between these levels until it finally breaks through it.
What Next For Ethereum?
We believe there is a very high probability for us to see the Ethereum price rally over 10% back to the top resistance region of the rectangle pattern soon!
A price rally like this would play out well with the Ethereum range market and the previously set range for the rectangle pattern we are currently tracking on the 4-hour timeframe.
Final Verdict!
The Ethereum price is still in a ranging market and we believe the ALtcoin is building strong momentum for a breakout soon! The key support to watch is the base of the rectangle pattern which is the $3,915 key support.
For this bullish bias to remain valid, the Ethereum price must respect and continue to trade above this key support.
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