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Well, the Ethereum price might be showing a lot of bullish strength in the lower timeframes, but Ethereum is still in a bearish Descending Channel in the higher timeframes.
The image below shows us exactly how the ETH price has respected this massive 4-hour Descending Channel two times in the past. The question now is can this bullish surge in Ethereum finally push the Altcoin past this major resistance in the coming days?
In this Ethereum analysis, we will be breaking down our current bias on Ethereum, the key levels we are watching as well as what we believe might happen next!
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Is Ethereum Bullish Or Bearish?
The Ethereum price is becoming very bullish in the lower timeframe, and this is very important because it could be the start of something much larger to come.
However, for that bullish rally to develop, we need to see Ethereum’s higher timeframe shift as well. That bullish shift can only happen if the ETH price breaks and closes above the massive Descending Channel in the 4-hour timeframe.
This Channel is very important because Ethereum has been trading within and respecting since November of 2021! And unless the bulls can finally break through it, we might just this Ethereum rally come to an end sooner or later.
Final Verdict!
For now, we are staying out of the market because Ethereum is throwing a lot of mixed signals.
And until the trend from the higher timeframe and the trend from the lower timeframe can align, we might just see a lot of fake-outs and price manipulations play out.
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