Since breaking out into new ATHs, the Ethereum price has been bearish and pulling back all day. However, this pull pack has been slow, time-consuming, and sideways in nature.

This clearly points to low bearish momentum supporting this price sell-off. Not only that, the Ethereum price is also currently trading within a tight descending channel pattern in the 15 minutes timeframe.

This pattern is a bullish continuation pattern and it points to a very high likely hood for us to see a price surge higher in the Ethereum price in the coming days.

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Ethereum Descending Channel Pattern

The descending channel pattern is a bullish continuation pattern that points to a very high likelihood for us to see more buying pressure come into the market once the slow, choppy sell-off stops.

And the confirmation we need is a price breakthrough the resistance channel of the pattern! Ethereum is still yet to complete as the price of the Altcoin is still trading below this resistance channel in the 15 minutes timeframe.

If this level continues to hold, we might see the Ethereum price continue to range within this 15 minutes channel for a bit more before finally breaking out in the coming days.

Final Verdict!

The Ethereum bull run still looks like it is far from over, and right now we are seeing the Ethereum price form a bullish continuation pattern at a key 4-hour support region exactly as we predicted in our previous analysis Ethereum Breaking Out! Price Rally To $5k?.

This technical analysis confluence only increases the probability for us to see a bullish rally in the coming days. But for that bullish rally to begin, the Ethereum price must break through the descending channel resistance we trading in!

A breakout like this opens up the way for the Ethereum rally to continue higher towards the $5k price regions in the coming days!

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