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The Ethereum price is still ranging and trading side sideways in the 1-hour timeframe. And the key pattern we are watching is the Channel the ETH Price has formed.
This Channel offers us key support and resistance levels to watch for a price breakdown or breakout in the coming days. And right now, Ethereum is testing one of the key levels of this price Channel.
The question now is “Should we expect to see a price breakdown or a bullish bounce in the coming days?”
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The Key Level To Watch!
The key level to watch is the $2,878 price support on the 1-hour timeframe. The Ethereum price is currently testing this support and on the lower timeframe is forming a key pattern around this price level.
The pattern we are talking about is the Falling Wedge Pattern, and it is clearly visible in the 15 minutes timeframe.
If this pattern plays out, there is a very high probability that we might see a price surge higher in the Ethereum price in the coming hours. This price surge will likely take us back up to the resistance region of the larger Channel Pattern.
What we are currently waiting for right now is the Breakout Confirmation. For this to happen price needs to take out the previous highs like the image above.
Until this bullish breakout occurs, we will stand aside and wait for the Ethereum price to give us that bullish confirmation to enter the trade.
Invalidation Points!
This bullish prediction will only continue to remain valid if the Ethereum price stays above the $2,911 lows it made earlier this week.
A price break below these lows will make new lows for Ethereum, invalidate this bullish prediction and point to a very high likelihood of us seeing more price movement to the downside in the coming days.
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