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We have been tracking the Ethereum converging triangle pattern in the 15 minutes timeframe for a while now and recently, the price of the Altcoin broke through the converging triangle pattern but failed to sustain the bullish rally higher. But is the Ethereum bullish rally over?
In this Ethereum analysis, we will be talking about the most important key level for Ethereum and how this key support could cause the price bounce we are waiting for!
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Ethereum $4k Key Level!
The Ethereum price might be looking weak but it is important to note that the Altcoin is still very much in the bullish price territory on the price chart. And the key level to watch is the $4k price region in the 4-hour timeframe.
This key level has served as both resistance and support to the Ethereum price on numerous occasions in the past and might continue to do so in the coming days!
Ethereum Bullish Prediction!
For the Ethereum bullish prediction, we want to see the Altcoin price respect and continue to trade above the $4k key support in the 4-hour timeframe.
As far as the price continues to trade above this key region, there is a very high probability that we might see Ethereum bounce and begin to rally higher in the coming days!
However, a price break below this $4k key level will only mean doom for this current bullish rally Ethereum has been in for the past few months.
Final Verdict!
We are still bullish on the Ethereum price and will remain so as far as the Altcoin price continues to trade above the $4k key region and in the bullish territory in the 4-hour timeframe.
A price break below this $4k key level only invalidates this bullish bias and points to more sell-off to come for Ethereum in the coming days.
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