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The Ethereum price has been on an uptrend all week, playing out exactly as we predicted in our analysis ETH Bullish Prediction! Rally To $3,500?
That bullish prediction was made when Ethereum was still trading around the $3,300 price region. Since then, the Ethereum price has surged more than 10% in profit.
However, this bullish surge has pushed the Ethereum price very close to a key level in the 4-hour timeframe.
In this ETH analysis, we will be talking about this key level as well as how it might affect the Ethereum price in the coming days.
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Ethereum Ascending Channel Pattern
Ethereum price has been trading in an ascending channel pattern in the 4-hour timeframe. This pattern offers us key levels to watch as well as a clear picture of what price is actually doing at the moment.
And right now, the Ethereum price is coming very close to the channel resistance in the 4-hour timeframe. This resistance has served as a key level the ETH bulls have been unable to break through on numerous occasions in the past. And it might continue to hold strong in the coming days.
This makes this ascending channel resistance a very key level to watch for in the coming days. How will Ethereum react to this resistance zone, should we expect a breakout or a dump soon?
Final Verdict!
Ethereum is still bullish for now, but we expect this momentum to start drying up as we get closer to the ascending channel pattern key level in the 4-hour timeframe.
This makes now a good time for us to start taking our profit and reducing our position size in anticipation of bearish pressure reentering the market as we get closer to that key level.
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