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The Ethereum price is back in the bullish territory but can it stay there? In a previous ETH analysis titled Is There A Possibility Ethereum Might Surge Higher? we talked about the Ethereum Descending Channel Pattern on the 1-hour timeframe and how it could be the deciding factor for the ETH bulls.
For ETH to gain the posibility of rallying higher, the price had to break back into the Descending channel pattern, find support and then push up from there.
Well as we speak, that bullish prediction is playing out exactly and in this Ethereum analysis, we will be breaking down the key levels to watch and what to expect from the Decending channel pattern currently playing out on the 1-hour timeframe.
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The ETH Descending Channel Pattern
If you have been following our analysis, you would know the ETH descending chanel pattern as been a key pattern for the Ethereum price for months now.
This pattern has held the price within a downward range over and over again for the past few months. And the ETH price only just broke through it recendtly.
But right now we are seeing price back into this pattern meaning the previous support might just begin to act as support for the Ethereum price again.
ETH Bullish Prediction!
For the ETH bullish prediction, we want to see this support hold the price. If Ethereum can respect this key level and continue to trade within the Descending channel pattern, there is a very high probability that we might see this bullish rally continue.
This is a potential 20% gain in price for Ethereum, but it can only play out if and only if ETH continue to trade above the key support on the 1-hour timeframe.
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