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In our previous Ethereum analysis Check Out these Possible Bullish Scenarios for ETH, we identified a key bullish pattern the ETH price was currently forming and talked in-depth about the key support level the bulls must continue to defend for this Pattern to remain valid.
Well, right now, Ethereum is currently entering the final stages of this pattern and we expect to see a bullish breakout in price once it is completed.
In this Ethereum analysis, we will be breaking down the kind of price action we are expecting soon, as well as the key levels we are watching for this bullish bias to remain valid.
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Final Stages Of This Triangle/Flag Pattern
The image above is a typical example of what the internal sub-structure and a completed triangle pattern look like.
When you compare this image with the current price action developing in the ETH 4-hour timeframe, we see a lot of similarities in structure.
We can also easily spot that Ethereum is right now in the final stages of this pattern and there is a very high probability that we might see the Altcoin begin to rally higher once this stage is completed.
Key levels To Watch Out For!
The most important key level to watch out for is still that $1,707 support zone that has been holding on strong in the 4-hour timeframe.
We want to see the ETH price continue to respect this key level and trade above it for this bullish bias and bullish Triangle Pattern currently forming in the ETH 4-hour timeframe to remain valid.
So in the coming days, we will be watching this key triangle pattern closely and monitoring its final development. Will Ethereum be bullish all through next week? only time will tell.
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