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For weeks now, we have been tracking the development of the Triangle Pattern that was forming in the 4-hour timeframe. We made a bullish prediction on Ethereum and talked about the possibility for us to see a price rally toward the $2,074 price level in the coming days.
Well, this bullish prediction is still valid and in this ETH analysis, we will be updating you on what the Ethereum price is currently doing as well as the key levels we are currently watching out for in the 4-hour timeframe.
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ETH Testing This Key Support, Will It Hold?
After breaking out of the Triangle Pattern in the 4-hour timeframe, we are now seeing the ETH price pull back and retest this resistance channel of this pattern before possibly continuing higher in the coming days.
The question now is, will the support level hold or will Ethereum break through it and continue its push even lower in the coming days?
Ethereum Bullish Scenario
For the Ethereum bullish prediction, we want to see this key support level hold in the coming days.
If the bulls can defend this key support, there is a very high probability that this might be a (Break-out and Re-test) bullish scenario playing out in the 4-hour timeframe.
So for now, we will remain bullish on Ethereum and continue to watch how the price develops around this key support area in the 4-hour timeframe.
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