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The ETH price is rallying as predicted after breaking through the flag pattern we analyzed in our previous Week In Review: End Of Ranging Market! BTC, ETH, ADA Breaking out
This breakout in Ethereum price puts the Altcoin in the leading position for the potential rally about to occur across the crypto market!
In this analysis, we will be talking about this breakout, the key levels to watch for as well as the massive move about to occur in Bitcoin! Is it time to buy?
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Ethereum Break and Retest!
Ethereum is building up bullish momentum after a price break and a retest of the flag pattern on the 4-hour timeframe confirmed our bullish bias on the Altcoin.
This break and retest also give us a price key level to watch for buyers to hold. A break of this new support signifies that ETH might still be very weak, putting an end to this potential bull rally.
However, if the bulls hold this new support, there is a very high probability that we might see Ethereum continue to move higher in the coming days.
Bitcoin Could Be The Key!
While Ethereum is already rallying, Bitcoin is yet to break out! But it will likely do so in the next 24 hours! This breakout is very important because it would have a ripple effect on the whole crypto market.
How Big of a Ripple Can We Expect?
Well, if Bitcoin breaks to the upside, we can expect to see all Altcoins rally higher with it in the coming days.
Some might rally faster than Bitcoin while others might lag behind but one thing is certain, everything will move higher in the crypto market. That is why this Bitcoin breakout is so important!
For a full breakdown of the key levels, and targets we are watching on Bitcoin check out our previous analysis Bitcoin Pattern Update. Massive Rally Coming!
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