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In our previous Ethereum analysis Ethereum Forming New Key Support! Can The Bulls Hold On To This Level? we talked about the $4,469 key support in the 15 minutes timeframe and how this level could be a major decider for the Ethereum trend in the coming days.
For Ethereum to remain bullish, the price of the Altcoin must respect and continue to trade above this $4,469 key level in the 15 minutes timeframe. However, the Ethereum price has failed to do so and is currently testing this key level.
Can the bulls hold on to this key support or should we expect to see a price crash in the coming days?
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Ethereum Bullish Prediction!
The Ethereum price is still trading above the $4,469 key support in the 15 minutes timeframe. And while we might have seen the Altcoin price deep below it for a while we saw massive price reversal occur immediately from that region.
This Ethereum price bounce paints a clear picture of strong support and buying power around that $4,469 price level. And as far as the price continues to trade above it, we can expect to see the Ethereum bullish rally continue to play out in the coming days.
Ethereum Bullish Target!
Our Ethereum bullish target is the $5k price region. We believe there is a very high probability for the Ethereum price to rally towards this level in the coming days.
This $5k price target also serves as the standard bullish target for the 15 minutes flag pattern the Ethereum price broke out of.
Final Verdict!
The Ethereum bull run is still in full swing! There is a very high probability for us to see the ETH price continue to rally to the $5k price region in the coming days.
But for this bullish prediction to remain valid, the Ethereum price must respect and continue to trade above the $4,469 key support in the 15 minutes timeframe.
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