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In our previous Ethereum analysis, ETH Bullish Bounce Playing Out Exactly As We Predicted! What Now? we talked about the $1,928 key resistance as the next major level the Ethereum bulls will have to face in the coming days.
In that TA, we also pointed out how the ETH price failed to break through this $1,928 level in the past and what that might mean for Ethereum in the coming days.
Well, the ETH sellers are still holding that $1,928 resistance as we speak! And unless the ETH bulls can break through it, this might be the end of the Ethereum bullish rally.
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ETH $1,928 Key Resistance!
The Ethereum price tested the $1,928 key resistance and failed to break through it. However, this in no way means the end of the bullish rally for Ethereum.
The Ethereum bulls still have multiple chances to try again in the coming days, and we will be watching this key level very closely to see how the price will react to this region as time continues.
For the bigger picture, we are still tracking the Triangle Pattern break out in the 4-hour timeframe. And our bullish target for this pattern breakout is the $2,074 price region. This means the Ethereum price still has a lot of room to move to the upside in the coming days.
For a full breakdown of this Triangle Pattern, check out our previous analysis ETH Entering The Final Stage Of This Bullish Breakout Pattern! Get Ready
Final Verdict!
We are still very bullish on Ethereum and believe the price rally might still be far from over. However, for this move up to continue, we need to see the Altcoin price break and close above the $1,928 key resistance in the 4-hour timeframe.
The ETH price has failed to break through this key level previously and is failing to do so again right now. This makes this $1,928 resistance very important and we will be keeping a close eye on it as time goes on.
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