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The Ethereum price has been trading in a range for weeks now! However, this range bound trading is finally coming to an end.
The Altcoin price late this week broke through the converging triangle pattern that has been forming for months on the 4-hour timeframe.
This bullish breakout as caused a lot of divide among crypto enthusiasts in the industry with many calling for a new bull circle, and for the Ethereum price to continue surging higher.
Others are much more pessimistic and believe this price surge is only a bull trap before the Ethereum sell-off begins!
What side do you stand on in your bias as an Ethereum trader?
In this Ethereum analysis, we will be breaking down our stand right now on Ethereum and what we are waiting for to take trades either to the upside or the downside on the Altcoin.
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The Most Important Key Resistance On Ethereum!
While a lot of traders are currently bullish on the Ethereum price, we are standing on the side of neutrality because the ETH price is still trading under a major resistance level.
This $3,280 key level on the 4-hour timeframe is the final level the ETH price needs to break for us to start looking for a bullish trade setup on the Altcoin.
If the price plans to break out, we believe this might occur early next week because we are already seeing increased interest among traders who believe this might be the start of something major on the Ethereum price.
And this bullish breakout would likely lead to more extended move to the upside in the coming weeks for Ethereum.
However, we are more conservative and will rather remain neutral until this $3,280 key resistance level on the 4-hour timeframe gives way.
Why Is The $3,280 key Resistance Level That Important?
The $3,280 key level is very important to the Ethereum price because we believe there is a high amount of sellers and bearish orders siting at this key region.
And as far as this block of bearish orders are not taken out, it is best to stand aside and watch to see how the Ethereum price reacts to this 4-hour key level in the coming days.
If the Ethereum price fails to breakthrough this key level, there is a very high probability that we might see this bearish pressure push the Ethereum price back down massively. Ending the bullish rally even before it starts!
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