In our previous ETH analysis, Ethereum Bearish Prediction Playing Out! Is The Sell-Off Over? we talked about the Ascending Channel Support that was forming in the 4-hour timeframe.
We also made a bullish prediction for the Ethereum price if this ascending channel support held.
That bullish prediction is playing out exactly as we predicted and in this analysis, we will be talking about the new key levels we are watching as well as our bullish targets for Ethereum in the coming days.
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The Ethereum Key Support!
The Ethereum key level we are watching is the ascending channel support in the 4-hour timeframe. We have seen this support hold over and over again in the past and it might do so again in the coming days.
If this support holds we can expect to see this current bullish rally in Ethereum continue into next week, pushing prices back into the $3,500 regions.
Ethereum Bullish Targets
For our Ethereum bullish target, we are watching the Ascending Channel Resistance. This resistance has been the go-to destination every time the Ethereum price finds support and rallies higher.
If this ETH bullish rally continues to play out, we can expect to see this resistance level come into play again soon!
How Ethereum interacts with this level will have a huge impact as to what direction the ETH price will take in the coming days. This makes this resistance level very critical for the ETH bulls to break through it!
The ETH bullish rally has begun, this rally would likely push Ethereum back to the $3,500 regions in the coming days.
But for this bullish prediction to remain valid, the Ethereum price needs to respect and continue trading above the support of the ascending channel pattern currently playing out in the 4-hour timeframe.
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