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In our previous Ethereum analysis Warning: What Does This Ending Diagonal Pattern Mean For Ethereum? we talked about the key pattern that was forming in the ETH 1-hour timeframe, the key levels we were watching, and our bullish prediction for the Altcoin.
Well, that bullish prediction is still playing out perfectly as we saw a massive surge in the ETH price today. However, that rally is still far from over! There is a very high probability we might see more push to the upside in the coming days.
And in this Ethereum analysis, we will be giving you an update on what price is doing right and what we are watching on the price chat.
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Ethereum Finally Broke Through This Resistance!
In our previous analysis, we talked about the $1,669 key level as the important resistance we wanted to see the Ethereum price breakthrough to confirm the start of the bullish rally.
Well today, we finally saw the bullish break we have been waiting for, confirming our bias and increasing the possibility for us to see that bullish move in Ethereum continue in the coming days.
If this bullish prediction plays out, there is a very high probability for us to see the Ethereum price rally to the $1,886 price region before facing any major resistance. This is a possible +10% rally in the value of Ethereum.
Final Verdict!
The Ethereum bullish prediction is still playing out exactly. However, this bullish bias only remains valid if the Altcoin continues to trade above the $1,558 previous lows in the 1-hour timeframe.
A break below this $1,558 previous low invalidates this bullish prediction in Ethereum and indicates a growing weakness in Ethereum.
So in the coming days, we will be keeping a close eye on this $1,558 support level to see if this key level would hold and if our bullish bias on Ethereum will continues to remain valid.
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