The Ethereum price just broke out of a converging triangle pattern in the 1-hour timeframe and is looking set to rally higher in the coming days.
If this bullish prediction plays out, there is a very high probability that we might see the Ethereum price trading around the $2,400 price region soon!
This is a potential 17% surge in the value of Ethereum and in this ETH analysis, we will be breaking down the key levels we are watching as well as what price must do for this bullish prediction to remain valid.
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Ethereum Converging Triangle Breakout
This bullish breakout comes after various failed attempts by the Ethereum bears to push the Altcoin price lower. And all through we started seeing more buyers step into the market and gradually push the ETH price up.
If this bullish pressure continues to prevail we might see more movement higher in price as the days go by.
Our bullish target is the $2,400 price region. We believe there might be a very high amount of key sellers holding on to this region, and this might make it very difficult for the ETH price to break through.
Key Levels To Watch!
The most important key level to watch for is the $1,800 horizontal support. For this Ethereum bullish prediction to remain valid, the ETH price must respect and continue to trade above this key level in the 1-hour timeframe.
For us, below this $1,800 price region is a great region to place our stop loss for a potential buy move to the $2,400 bullish target.
The Ethereum price is looking set for a 17% bounce price in the coming days. We have the bullish breakout of the converging triangle pattern supporting this potential bounce to the $2,400 price region.
The key level to watch for is the $1,800 support level. As far as the price continues to respect and trade above this key support there is a very high probability that we might see this bullish prediction play out.
However, a price break below this $1,800 key support only means more sellers coming into the market and a likelihood of a further move to the downside.
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