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After multiple trials this past few weeks, the Ethereum price is back at the Ascending Channel Pattern key resistance level again, trying to finally break through it.
This Ascending Channel pattern has been playing out on the ETH 1-hour timeframe for a while now and has offered us key levels of support and resistance the Ethereum price has respected and ranged in thus far. But is this ranging market finally over?
In this Ethereum analysis, we will be talking about both the bullish and bearish scenarios that might play out in the coming days. We will also be breaking down the key levels to watch and what to look out for.
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Ethereum Bullish Price Scenario!
For the Ethereum bullish price scenario, we want to see the ETH price breakthrough and close above the resistance channel of the Ascending Channel Pattern.
A price breakthrough of this 1-hour key level might just be the bullish move we need to resume the ETH rally higher and end the ranging/bearish market we have been experiencing since late last year.
The question both traders and investors alike are asking now is:
Can the Ethereum bulls breakthrough this Ascending Channel Pattern or should we expect to see price failure and a reversal in the coming days?
If you are still bearish on Ethereum and think this rally is only a bull trap/fake out, then the bearish price scenario might just be for you.
Ethereum Bearish Price Scenario. Double Top Pattern?
If Ethereum fails to break through this ascending channel pattern on the 1-hour timeframe, the ETH price will form a Double Top Pattern around that key level.
A Double Top Pattern is a bearish signal that points to an end of a bullish rally and likely sharp reversal in price in the coming days.
If this pattern forms on the Ethereum 1-hour timeframe, it would be as a result of this bullish rally failing to break through the ascending channel pattern and continue heading higher.
So in the next couple of days, we will be watching this key level of the Ascending Channel pattern closely to see how the Ethereum price reacts once it gets to that price region. Should we expect a breakout or will the price reject and just fall back lower?
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