The Ethereum ranging market is entering its final phase. This can be clearly seen as the Ethereum price continues to get closer and closer to the apex point of the Converging Triangle Pattern currently playing out on the 4-hour timeframe.
Once the price gets to this Apex point, we expect to see a breakout either to the upside or downside.
In this Ethereum analysis, we will be covering the bullish breakout price scenario for Ethereum and talking about the key levels we are watching as well as why the $2,262 price level is the most important key support for Ethereum right now.
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ETH Bullish Breakout Scenario
For the ETH bullish breakout, we want to see the Ethereum Altcoin find support and begin to rally higher above the converging triangle pattern on the 4-hour timeframe.
A bullish rally like this would signal the end of the ranging market, and a possible end of the ETH bearish trend we have been witnessing for months now.
But for this bullish price scenario to play out, a key ETH support must hold on the 4-hour price chart.
The Most Important Key Support For Ethereum
The $2,262 key support region is the line in the sand for the Ethereum bulls. If they want to see the Altcoin become bullish and begin to rally higher, the ETH price must stay above this key support on the 4-hour timeframe.
As far as Ethereum stays above this key support, we can expect to see more buying power come into the market sooner or later. This makes this $2,262 key support the most important level for Ethereum right now.
What Happens If Price Breaks Below?
If this $2,262 price level gives way, there is a very high probability that we will see a bearish sell-off in Ethereum. This will lead to a bearish price breakout from the converging triangle pattern to the downside.
You can check out our previous analysis Must Read: Ethereum Ranging Market About To End Soon! to find out the key levels as well as the bearish target for Ethereum if the price does decide to become bearish and break out lower in the coming days.
This way you are fully prepared to take advantage of the ETH price no matter the direction it decides to break out from the converging triangle pattern.
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