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For days now, we have been tracking the Ethereum Head and Shoulders Pattern currently playing out in the 4-hour timeframe. This unique pattern has provided us with two key levels to watch for either for the bullish or bearish scenario ETH Key Level Holding Strong As Predicted! What Now?.
In this Ethereum analysis, we will be updating you on exactly what the ETH price is doing right now within these key levels and what we are expecting in the coming days.
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Ethereum Ranging Market Continues!
The Ethereum price is right now still trading within the two key levels we are monitoring in the 4-hour timeframe. For the ETH price to come out of this range, we need to see the Altcoin breakthrough and close either above or below one of these key levels.
For our bearish bias on Ethereum to remain valid, we need the Altcoin to break through and close below the $1,755 key support.
Only a bearish breakdown and price close like this would be the perfect indication of the end of the ranging market for Ethereum and the resumption of the push lower in the coming days.
Final Verdict!
The Ethereum trend is still undecided on the direction it wants to take for the next couple of weeks. For our bearish prediction in Ethereum to remain valid, we need to see the ETH price breakthrough and close below the $1,755 key support.
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