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We are currently seeing buyers push their way into the market as the Ethereum price chart just invalidated a key bearish pattern in the 1-hour timeframe.
We talked about this confluence of a Descending Channel Pattern and a bearish Pennant Pattern in our previous ETH analysis Warning: Ethereum Price Getting Ready For A -7% Dump!. However, we are currently seeing the price invalidate these patterns, break through to the upside, and push higher.
What does this mean for the bears, is the sell-off over?
In this Ethereum analysis, we will be breaking down exactly what we think is currently playing out in the Ethereum price chart, the key levels we are currently watching, as well as our price forecast for the coming future.
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Ethereum Bulls Pushing Price Higher
The Ethereum price just broke through the Descending Channel Pattern in the 1-hour timeframe and is currently testing it as key support.
If this new support holds, there is a very high probability that we might see the Altcoin price continue to move higher into the coming weeks. But is it sustainable?
The key level to watch for is the horizontal resistance at $2,166. Until the Ethereum price can break through this horizontal resistance, there is a very high probability that any move higher will fail.
What Is The Game Plan?
For right now we stand aside and wait to see how the Ethereum price will react to the $2,166 key resistance in the 1-hour timeframe.
Until the price can break through this major resistance, any bullish move higher might fail. So we wait to see a clear breakthrough and close above the $2,166 level before we can start looking for any buying opportunity.
However, if Ethereum fails to break through this $2,166 there is a very high probability that we might just see the ETH sell-off continue.
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