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The Ethererum price reversal is still in full swing, with the ETH price closing the trading day bullish. This bullish rally also spilled over into the Altcoin markets, with most Altcoins closing the trading day very bullish today.
However, right now we are seeing the ETH price test a critical resistance in the 4-hour timeframe. This level is a very key level for the Ethereum bulls and needs to be broken for this bullish rally we are currently in to continue.
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Key Levels To Watch!
The base of this ascending channel pattern in the 4-hour timeframe is the key level to watch. This price level has the ability to decide the fate of the Ethereum price for the coming days.
Right now, we are seeing the Ethereum price ranging around this key region, but the Ethereum price would need to make a decision very soon. Should we expect a break-out or price rejection?
Ethereum Bullish Prediction!
For the ETH bullish bias, we need to see the Ethereum price break and close above that key level in the 4-hour timeframe. A bullish break like this could see the Ethereum price rallying back up to the $3,500 price region in the coming days.
But for that bullish prediction to play out, the Ethereum price needs to break through that key level we are seeing play out in the 4-hour timeframe.
ETH Bearish Prediction!
If this key level we are seeing in the Ethereum 4-hour timeframe refuses to give way, there is a very high probability that we might see more bearish pressure come back into the Ethereum price.
This bearish pressure could Ethereum lower in the coming days, ending this current bullish reversal we have been seeing play out.
Final Verdict!
Ethereum is currently trading at a very critical level, and how the price reacts to this level would determine what direction the price would be taking in the coming days.
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