The Ethereum price is currently rallying higher, pushing the whole altcoin market up with it. However, this bullish rally in Ethereum is all playing out within a key channel on the 15 minutes timeframe.

This channel offers us key levels to watch for in the coming days. How Ethereum interacts with these levels play a critical role in where the Ethereum price might head in the coming days.

To trade Ethereum with leverage, sign-up to Bybit right now! You can also get up to $1,610 in deposit bonus when you sign-up and fund your Bybit account with our Bybit link.

[bybit]

The Ethereum Channel

The Ethereum price is currently ranging within a channel on the 15 minutes timeframe. This channel has held the Ethereum price on previous occasions and might do the same again in the coming days.

If Ethereum fails to break through this channel soon, we might see the price continue to range for a bit in the coming days.

Ethereum Bullish Prediction!

For the current Ethereum bull run to continue, the Ethereum price needs to break through that channel in the 15 minutes timeframe.

A price break and close above this level will only serve as more bullish confirmation for the Ethereum price and a coming price surge to the previous ATHs.

But for that to happen, Ethereum needs to break through the channel in the 15 minutes timeframe. Failure to do this would only mean more bearish pressure coming into the Ethereum market soon!

Ethereum Bearish Prediction

For the Ethereum bearish prediction, we want to see the channel resistance hold. A failure to see a price breakthrough might mean Ethereum could sell off in the coming days.

This sell-off could push the Ethereum price back down to the $3,127 horizontal support.

Final Verdict!

The Ethereum price is still very bullish. However, the cryptocurrency is running into a key level in the 15 minutes timeframe.

How Ethereum interacts with this level can affect the direction the Ethereum price will follow in the coming days.

[bybit]

Easy Steps From Beginner To Pro Crypto Trader

You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.

PrimeXBT Covesting: Trade Hassel Free

Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link  PrimeXBT Covesting