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The Ethereum price push-up continued today, making this the second day in a role Ethereum is closing positively. This mini-rally started yesterday after the U.S. Federal Reserve released a better than expected CPI data, indicating that inflation is finally slowing down and economic growth might be getting ready to pick up again.
If this kind of positive fundamentals keeps on coming out, this would be really great for the Crypto market in general.
However, in this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as the Ascending Channel pattern we are tracking in the Ethereum 4-hour timeframe.
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What Is Ethereum Doing Right Now?
The Ethereum price is pushing up but this rally is contained within a key Ascending Channel Pattern that can be clearly seen in the 4-hour timeframe.
What this Ascending Channel Pattern means is that this rally is still a retracement and sooner or later we expect to see the Altcoin sell-off.
In our next TA, we will be breaking down what Ethereum must do to continue pushing higher and invalidate our bearish bias. But for this TA, we will re-confirming that the Ethereum price action still looks bearish for now.
The image below is what a completed Ascending Channel pattern can look like. When you compare that with this Pattern playing out right now in Ethereum, you will see a lot of similarities.
Final Verdict!
The Ethereum price has a lot of major resistance it is facing in this push-up higher. We believe sooner or later we will see this bearish momentum dry up despite the positive fundamental news currently driving the market.
The key pattern we are watching is the Ascending Channel pattern currently forming in the 4-hour timeframe. And as this pattern develops we will be keeping you up to date.
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