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For days now, the Ethereum price has bearly moved as we have seen bullish volatility drop since the price surge that occurred earlier this month.
This drop in volatility is also occurring at a key resistance level, making a lot of traders worry that Ethereum might actually fail to break through this $1,690 key resistance in the Daily timeframe.
In this Ethereum analysis, we will be taking a closer look at the lower timeframe to try and figure out exactly what the Ethereum price is up to right now and what we should be expecting in the coming days!
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Ethereum Building Up Momentum For A Move Soon!
The Ethereum price has barely moved in the past couple of days because the Altcoin is currently trading and ranging sideways in the lower timeframes.
In the 4-hour timeframe, we can already see a possible flag pattern building up, indicating that the ETH price is currently building up momentum for a massive soon!
The direction this move will take will depend on how the Ethereum price breaks out from this Flag Pattern in the coming days.
So for now we are keeping a close eye on this 4-hour flag pattern to see how Ethereum reacts.
Final Verdict!
The Ethereum price is getting ready to make a massive move soon! And the key pattern that we are watching for this possible move is the Flag Pattern currently forming in the 4-hour timeframe.
We believe once the Ethereum price breaks out of this key pattern, we might see volatility come back into the market and we expect the Altcoin price to begin moving aggressively again.
In Other News…
Bitcoin Bouncing Back Stronger!
The Bitcoin price has now recovered all the losses it made during the FTX crash and the (liquidity exit) madness that followed that crash.
Right now, Bitcoin is trading around the $21k price level, a 22% surge in the last seven days from the $16k level the price fell to late last year 2022.
This recovery during a bear market like this is a clear sign that despite the recent events that continue to plague the crypto industry, the public perception of Bitcoin is still very bullish.
And we believe it is only a matter of time before the bull run begins again!
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