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The Ethereum bullish rally is still in full swing, with the price of the Altcoin rallying more than 9% in value ever since breaking out of the 15 minutes flag pattern.
We have been tracking this bullish flag pattern in previous analyses with our most recent bullish prediction being Ethereum Bullish Prediction Playing Out! Rally Far From Over
What Next?
The Ethereum bullish rally is still far from over. And right now the Ethereum bulls are consolidating their hold on the market and pushing the Altcoin price even higher by creating a new key support level in the 15 minutes timeframe.
This support gives us a new base for us to see more renewed buying power come back into the ETH price. And in this Ethereum analysis, we will be talking about this $4,469 horizontal support and what it means for the Ethereum price in the coming days.
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Ethereum $4,469 Key Support!
This 15 minutes horizontal support offers us a new key level to keep our eyes on. This price level is a solid ‘line in the sand‘ for the Ethereum bulls and is very important for it to continue to be respected if we want to see the ETH bull run continue.
A break below this $4,469 price level in the 15 minutes timeframe only points to more sell-off for the Ethereum price.
Ethereum Bullish Prediction!
Our bullish target for Ethereum is around the $5k price region. This is the standard target for the flag pattern Ethereum broke out from in the 15 minutes timeframe, and there is a very high probability that we might see the Ethereum price get to this region in the coming days.
But for this bullish prediction to remain valid or even play out, Ethereum needs to continue to trade above the $4,469 horizontal key support in the 15 minutes timeframe.
However, a price break below this $4,469 key level invalidates this bullish prediction and increases the possibility for us to see a potential sell-off in Ethereum.
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