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In our previous Ethereum analysis Warning! What Happens If Ethereum Breaks Through This major Support Zone? we talked in-depth about the $1,707 support zone in the ETH 4-hour timeframe, and the possible bearish scenarios that we need to watch out for if this key level gets violated.
Well, that key support zone is still holding strong, and due to popular demand we will be doing the same type of analysis we did yesterday, but now it would be for the Ethereum bullish scenarios.
So continue reading to find out the key patterns we are currently watching and the price levels that are very important for the bulls.
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Is This A Possible Flag Pattern For Ethereum?
Since breaking through the $1,707 key region in the 4-hour timeframe, the ETH price has failed to gather bullish momentum. Instead, we have seen the Altcoin price range and trade sideways for weeks on end.
Well, this sideways trading has created what looks like a Flag/Triangle Pattern in the 4-hour timeframe. And this Flag Pattern is literally resting on this $1,707 support zone, increasing the importance of this key level when it comes to determining the ETH trend.
So no matter what your bias is for Ethereum be it bullish/bearish, it all comes down to this $1,707 key support zone in the 4-hour timeframe. Can the bulls continue to defend it or will we see Ethereum break through and begin selling off?
ETH Bullish Scenario!
For the ETH bullish Sceanrio, we watching this Flag Pattern closely, waiting to see if the bulls can finally pierce through it and begin pushing the Altcoin price higher in the coming days.
One thing to note is, this pattern will only remain valid if and only if the Ethereum price continues to respect and trade above this $1,707 key support zone.
So for now, we stand aside and continue to wait to see if bullish momentum will begin entering the market or not.
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