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In our previous Ethereum analysis, Ethereum Predictions Playing Out! What Next? Watch This Key Level we talked about the $1,278 key resistance in the 4-hour timeframe.
This $1,278 resistance was gotten from the Triangle Pattern currently playing out in the 4-hour timeframe. The Ethereum price is still trading within this pattern and will need to break out of it if we are to see the bullish rally continue.
But in order to break out of this pattern, the Ethereum price will need to close above the $1,278 key resistance. And as we speak, we are seeing a massive price rejection from this level.
In this Ethereum analysis, we will be breaking down what this price rejection might mean and what we can expect to see play out in the Ethereum price chart in the coming days.
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What Next For Ethereum
Ethereum is gradually getting to the point where it would need to make a decision. The more the price compresses within the triangle pattern currently playing out in the 4-hour timeframe, the more we can expect to see an explosive price breakout follow.
However, we do not know in what direction this price explosion will take. Because Ethereum is trading in a Triangle Pattern, we know that price has a 50/50 chance to either breakout to the upside or downside.
This Key Level Is The Only Thing Stopping An ETH Bullish Rally
For an Ethereum bullish breakout, one key level must be broken in the 4-hour timeframe. And that key level is the $1,278 key resistance.
Unless the Ethereum bulls can break through this $1,278 key level, there is a very high probability that we might just continue to experience bearish pressure pushing the Ethereum price lower.
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