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In our previous Ethereum analysis, Ethereum Just Broke Below This Major Pattern! Is This A Sell Signal? We talked about the $994 key support as the most important key level for the Ethereum bulls.
This 4-hour key support is the only level standing in the way of a potential -35% dump in the value of Ethereum. And right now we are seeing the ETH bulls fighting hard to defend this key support at all costs.
The Ethereum price just bounced off this major level and is currently heading higher. What does this mean for prices and what can we expect in the coming days?
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What Should We Expect Next For Ethereum?
The Ethereum price is currently in “No Mans Land” This means the potential for the price to either trend up or down is 50/50. However, what we do know are the major levels we need to keep our eyes on to confirm the start of any trend.
And the sections below we will be breaking down both the bullish and bearish price scenarios we believe have the highest probability of playing out in the Ethereum price chart in the coming days.
Ethereum Bullish Price Scenario
For an Ethereum bullish price scenario, we want to see the Altcoin price clearly break through and close above the resistance level of the triangle pattern in the 4-hour timeframe.
A break above this $1,278 resistance level is the perfect confirmation we need to indicate a likely 35% surge in the price of Ethereum in the coming days.
Ethereum Bearish Price Scenario
For the Ethereum bearish price scenario, the $994 key support level must be broken.
Until the Ethereum price can break through and close below this $994 key support level in the 4-hour timeframe, looking for a sell trade on Ethereum will only yield low probability setups.
Final Verdict!
The exact direction the Ethereum trend wants to take is currently unknown. However, we have two key levels we are watching right now.
For the bullish price scenario, we want to see a clear price break above the $1,276 key resistance level in the 4-hour timeframe. A price break like this is the confirmation we need for a bullish trend.
However, for the bearish trend confirmation, we want to see the Ethereum price break through and close below the $994 key support in the 4-hour timeframe.
Until one of these key levels gives way, we will stand aside and wait for that trend confirmation from Ethereum.
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