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After weeks of ranging in a flag pattern, the Ethereum price is finally breaking out!
Is this the start of the new bull run for Ethereum or will the Ethereum price sell-off soon? Continue reading to find out the key levels we are watching and the various price scenarios that might play out.
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ETH Ready To Rally! Key Levels to watch
The ETH bulls are making a statement, breaking through the flag pattern on the 4-hour and pushing higher. But for this bullish momentum to be mained, there a few key levels that needs to be respected as the day goes on.
The $2,005 Key Support
The first key level to watch on the ETH 4-hour timeframe is the $2,005 horizontal level. We have seen this price level act as both support and resistance for the ETH price on numerous occasions and we want the ETH price to respect it.
If this level holds, we can expect to see the Ethereum price continue to rally higher in the coming days. This $2,005 support region would be the perfect base for the ETH bulls to come into the market and push the Altcoin price higher.
However, a break below this horizontal support pushes the Ethereum price back down into the flag pattern and back into a potential ranging market.
This makes it very important for the ETH bulls to hold that support region on the 4-hour timeframe.
Key Resistance To Watch For!
The first key resistance to watch for on the ETH 4-hour timeframe is the $2,381 horizontal level. This was the ETH previous highs and a key level to watch.
A price break and close above this horizontal resistance create a bullish price structure for ETH where on the 4-hour timeframe, the ETH price is creating a higher-high structure.
A structure like this is very bullish for the Ethereum market and could signify the start of a new bull run in the Altcoin market!
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