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In our previous Ethereum analysis ETH Testing Key Support! Should We Expect A BreakDown Or A Bounce? we talked about the Channel Ethereum was currently trading as well as the key pattern the ETH price was forming on the lower timeframe.
The Falling Wedge key pattern on the 15 minutes timeframe has been invalidated right now. However, the ETH major support is still holding on strong, making us wonder “was this a volatility spike to the downside before we finally start moving back up?”
To better understand this, we will be taking a deeper look at what the Ethereum price is currently doing and breaking down the major resistance wd believe Ethereum must break through to surge higher in the coming days.
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Ethereum Key Resistance
The key level we are watching is the $2,976 price level on the 1-hour timeframe. We have seen this level serve as support on previous occasions and is currently serving as resistance against any ETH price movement up.
This makes this $2,976 price level the first resistance the ETH price must breakthrough in order to rally higher in the coming days.
The image below is a clear example of what that bullish breakout could look like in the coming days.
What Happens If Price Fails To Break Higher
If the Ethereum price fails to break through this $2,976 key resistance level in the 1-hour timeframe, there is a very high probability that we just see the sell-off continue to the downside in the coming days.
But for now, these two key levels are holding strong on the 1-hour timeframe, so we wait to see which one will finally fail and give way for the Ethereum price to move.
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