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For the past couple of weeks now, we have been tracking the Ethereum Bearish Flag Pattern in the 4-hour timeframe.
In our article breaking down the pattern, ETH Bulls Fighting Back! But Is The Sell-Off Over?, we warned our readers that this Bearish Flag pattern can only remain valid if and only if the ETH price can respect and continue to trade below the $1,250 key resistance region in the 4-hour timeframe.
Well, that key resistance level has been broken by the bulls. What does this mean for Ethereum and what can we expect to play out next in the coming days?
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Is This Bullish Rally The End of The ETH Bearish Trend?
By pushing prices above the $1,250 key resistance zone, the Ethereum bulls are indicating that the bullish momentum in Ethereum is currently growing.
However, we still have one key resistance level that must give way before Ethereum can enter into bullish territory. And that key level is the $1,400 major resistance just up ahead in the 4-hour timeframe.
Since breaking below this $1,400 major resistance back in November 2022, the ETH price has tried on multiple occasions to break through and failed.
Ethereum $1,400 Major Resistance
The next key level we are watching is the $1,400 major resistance level in the 4-hour timeframe. We have seen massive selling pressure come from this key level over and over again in the past.
If this Ethereum bullish rally stalls, there is a very high probability that the bears will capitalize on this bullish slow down to try and push Ethereum back down in the coming days.
Final Verdict!
Ethereum might be rallying right now, but the Altcoin is still in bearish territory. And the only way to break out of this bearish territory is by pushing past the $1,400 key resistance level in the 4-hour timeframe.
Until that happens, we will stand aside and keep on watching this bullish rally to see if this is really the end of the bear market for Ethereum.
In Other News…
FTX CEO Sam Bankman-Fried Pleads Not Guilty to Fraud, Conspiracy Charges
The CEO of the now-bankrupt crypto exchange FTX pleaded not guilty in his second court appearance on Tuesday. The disgraced CEO is being charged on eight different counts including wire fraud and campaign finance violations.
By pleading not guilty to the charges, the now disgraced CEO is willing to battle it out in court against Federal prosecutors who are still investigating and gathering evidence of all Sam’s illegal activities under FTX and Almeader research (his prop trading firm that illegally withdrew and used clients deposits to fund its high-risk trading).
The presiding judge in the case set a target date for the trial to begin in early October. But until then, Sam Bankman-Fried’s bail conditions have been modified, prohibiting him from accessing or transferring any assets tied to FTX or its affiliated entities.
This modification comes after several Alameda Research wallets became active last week and began moving thousands of dollars worth of crypto into other wallets in what many are calling a final heist of the platform.
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