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The crypto bulls are still in full control of the price, with Ethereum and Bitcoin leading the way higher for the crypto bull run we have been experiencing all week.
However, we believe this bullish rally is far from over, and there is a very high probability that we might see the Ethereum price continue to push upwards for the rest of the week. The Key pattern we are watching is the ascending channel pattern.
The Ethereum price is still trading within this pattern and it offers us key support and resistance levels to watch for in the coming days.
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ETH Bullish Prediction!
Ethereum is in the final phase of this bullish rally we have been seeing play out all week. Our bullish target is the ascending channel resistance in the 4-hour timeframe. There is a very high probability for Ethereum to rally to these key regions before finding resistance or reversing.
The key level we are watching for the Ethereum bulls to hold is the ascending channel support.
It is important for the Ethereum price to respect and continue to trade above this key level at all costs. A price break below this ascending channel support could see Ethereum selling off even more.
Final Verdict!
Ethereum is still bullish for the short term but it is important to keep an eye on the ascending channel pattern the Ethereum price is trading in.
This 4-hour pattern offers us key levels to watch for. And in the coming days, we believe the Ethereum price will continue to trend upwards towards the $3,500 price region before encountering that key ascending channel resistance.
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