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The Ethereum ranging market continued today as the price of the Altcoin found support at the base of the rectangle pattern currently forming on the 4-hour timeframe. This rectangle pattern offers us key levels to watch for and right now, we are seeing the ETH price bounce from one level to the other.
This bounce played out exactly as we predicted Ethereum Ranging Market Continues! Watch This Key Pattern, we believe that the Ethereum price is currently building bullish momentum in anticipation of a coming breakout to the upside!
In this ETH analysis, we will be talking about the most important key support to watch for the Bullish momentum to remain valid.
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Ethereum Rectangle Pattern!
The Ethereum rectangle pattern is a consolidation pattern that offers us high-quality levels to watch. And right now the most important support level for this pattern is the $3,915 key support on the 4-hour timeframe.
We have seen the Ethereum price test this key support on numerous occasions and failed to breakthrough. This shows signs of bullishness and the importance of the $3,915 key level to the Ethereum bulls.
Ethereum Key Level!
For the Ethereum price to remain bullish, the ETH Altcoin must respect and continue to trade above this $3,915 key support on the 4-hour timeframe.
A break below this key level invalidates the rectangle pattern we are currently tracking on the 4-hour timeframe
A break of this key support also increases the possibility of a deeper sell-off in price in the coming days. This makes the $3,915 key level the most important support for Ethereum for now.
Final Verdict!
The Ethereum price is still in a ranging market building up bullish momentum for a coming price breakout. However, for this bullish prediction to remain valid, the Ethereum price must continue to trade above the $3,915 support on the 4-hour timeframe.
This support is the most important support for the Ethereum bulls right now, and a break below it invalidates our bullish bias on ETH and spells doom for the Altcoin.
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