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The crypto market ended the trading day deep in the red as the prices of both Bitcoin and Ethereum continued to range.
On the Ethereum chart, we are seeing the ETH price trading within an ascending channel pattern in the 15 minutes timeframe. This pattern offers us key levels to watch for in the 15 minutes timeframe, and right now the Ethereum price is rejecting from one of those key levels.
However, this bearish sell-off might be over soon! Right now, Ethereum is testing a key horizontal level. If this $3,127 price level holds, we might see Ethereum bounce and rally back higher in the coming days.
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Ethereum Testing Key Level
The $3,127 horizontal support is a key level we are watching in the Ethereum 15 minutes timeframe. The price of the Altcoin is currently trading around this support level and there is a very high probability that this level might hold!
Ethereum Bullish Prediction!
For our Ethereum bullish prediction, we want to see the price hold and then rally from this $3,127 support level.
If this happens we might see a massive price rally that would finally push the Ethereum price above the ascending channel and even higher in the coming days.
But for this to happen, the $3,127 support needs to hold. A break below this support in the 15 minutes timeframe only means more bearish pressure for Ethereum.
Final Verdict!
The Ethereum price is still trading within the ascending channel pattern in the 15 minutes timeframe. If this pattern continues to hold, we might just see the Ethereum price continue to trade sideways all through this week.
However, if the $3,127 support holds, we might just see that bullish rally that would take us above the channel and higher in the coming days!
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