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Yesterday we saw an ETH price breakout from a converging triangle pattern in the 1-hour timeframe. This kind of breakout was very bullish in nature and pointed to a very high likelihood of a further move higher in the coming days Urgent: Ethereum Might Have A 17% Surge Soon! Watch This Key Pattern
However, as of today the bullish push we saw backing this breakout has totally faded making a lot of crypto traders worry this ETH breakout might have been a Fakeout instead.
What does this mean for the Ethereum price?
Well right now, we don’t know for sure what the ETH price wants to do next as there are a lot of indecisions playing out right now on the price chart.
However, what we do know are the important key levels that might affect the Ethereum trends in the coming days. And in this Ethereum analysis, we will be breaking down these price levels and the key events we are watching out for in the coming days.
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Key Support For Ethereum!
The most important key level to watch out for in the Ethereum price chart right now is the $1,800 key support in the 1-hour timeframe.
This support has served as a major area for a price bounce in Ethereum in the past and might act as key support again in the coming days. The question traders are asking now is can we expect to start seeing more bullish pressure come back into the market soon?
As far as the $1,800 horizontal support holds, the ETH bulls still have a fighting chance to take back control of the price and push the Altcoin higher.
What Happens If Price Breaks Through This $1,800 Support Level?
If the Ethereum price breaks through this $1,800 key level in the 1-hour timeframe, there is a very high probability that we might see more movement to the downside in the coming days.
This makes the $1,800 key level the most important support for the ETH bulls right now. Can they hold onto this price level or will it fail?
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