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In our previous Ethereum analysis Ethereum Bullish Rally Far From Over! Watch This key Support we talked about the current breakout we were witnessing on the ETH 1-hour timeframe after weeks and weeks of sideways trading that formed a converging triangle pattern.
This bullish breakout was however stalled as we went into the Christmas holidays This holiday period saw a lot of the crypto trading volume diminish as traders, businesses, and institutions all over the world either closed or took time off the market to celebrate.
But this low-volume period might finally be over for Ethereum! The ETH price has resumed its trend higher as the Altcoin just broke through the small sideways range it formed during the holiday break, indicating that traders are finally pouring back into the move.
And in this Ethereum analysis, we will be talking about what this bullish breakout means for the ETH price and the key levels to watch for in the coming days.
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Ethereum Bullish Trend Resumes
The Ethereum bulls are back in full force, pushing the Altcoin above the mini range that was formed on the 1-hour timeframe. This range breakout is very positive for the ETH price and points to a coming price surge in the coming days.
Our bullish target for this Ethereum rally remains the $4,484 price level, this is the standard target for a converging triangle breakout and currently offers Ethereum a 10% surge in value if it plays out as predicted in the coming days.
Key Support To Watch Out For!
The most important key level we are watching for the Ethereum price is the $3,887 key support on the 1-hour timeframe. This is the land in the sand for the Ethereum bulls.
For Ethereum to remain valid and for this converging triangle bullish breakout to remain valid, the Ethereum price must continue to trade above this key support on the 1-hour timeframe.
A break below this key support invalidates our bullish prediction and points to more sell-off for the Ethereum price in the coming days. This makes this $3,887 the most important price level for Ethereum for now!
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