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The Ethereum price is still ranging on the 4-hour timeframe and this range is currently forming a key pattern that can give us a deeper insight into what the ETH price might do in the coming days.
The key pattern we are talking about is the Rectangle Pattern, this pattern is high quality and offers us key levels to watch for on the 4-hour timeframe.
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Ethereum Rectangular Pattern!
The Ethereum price is currently trading within a rectangular pattern on the 4-hour timeframe. This sideways trading is a strong indication that the ETH price is building up momentum for a breakout soon!
This buildup is what is causing this sideways market we have been witnessing on the Ethereum price chart this long and until this bullish breakout occurs, we can expect to see ETH continue to bounce around within this key pattern for the time being.
The key levels to watch for are the support and resistance regions of this rectangle pattern. We have seen them hold before and they might continue to hold until the ETH price finally decides on the direction it wishes to go in the coming days.
Ethereum Bullish Prediction!
For the bullish prediction, we want to see the Ethereum price breakthrough and close above this rectangle pattern on the 4-hour timeframe.
This would be the bullish indication we need to confirm the end of the Ethereum sideways movement and the resumption of the bullish rally higher. Until a bullish breakout like this happens, the Ethereum price might just keep on ranging and trading sideways.
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