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The Ethereum price is currently ranging within a larger pattern on the 4-hour timeframe. This pattern offers us key levels to watch for and in this analysis, we will be talking about this bullish pattern and the potential bullish breakout that might play out soon!
The Pattern we are watching is the Bullish Flag Pattern. This pattern is high quality and increases the potential for us to see Ethereum reverse and begin to rally in the coming days.
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Ethereum Bullish Flag Pattern!
The flag pattern is a high-quality continuation pattern and it points to a building bullish momentum for the Ethereum price. If this bullish prediction plays out correctly, there is a very high probability that we might see a massive 46% rally in price.
But this bullish prediction will only remain valid if and only if Ethereum respects the flag pattern channels and break to the top side.
Key Levels To Watch!
The most important key level to watch is the base channel of the flag pattern. For this pattern and our bullish prediction to remain valid, the Ethereum price must continue to respect and trade above this key support on the 4-hour timeframe.
And right now, the Ethereum price is testing this key support. If this level holds, there is a very high probability that we might see a bullish bounce and price rally in the coming days.
Final Verdict!
The Ethereum price is currently forming a bullish continuation pattern on the 4-hour timeframe. If this pattern plays out, there is a very high probability that we might see a massive rally for the ETH price in the coming days.
The key level to watch is the support channel for the flag pattern. As far as Ethereum continues to respect and trade above this key pattern, our bullish prediction remains valid.
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