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The Ethereum price is currently trading within an ascending channel pattern on the 1-hour timeframe. This pattern offers us key levels to watch for as well as a historical idea of what the Ethereum price has done every time it got to that level.
Right now, the Ethereum price is testing the base support of that ascending channel pattern again! But this time, will this key level continue to hold the price up or should we expect to see a bearish price break down in the coming days?
In this Ethereum analysis, we will be talking about both the bullish and bearish price scenarios that might play out and what to watch out for in the coming days.
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Understanding The ETH Larger Trend
It is important to note that the Ethereum price is overall still in a bearish trend, and this current slow, weak, and sluggish price movement up we have been witnessing for days now is currently categorized as a retracement to this larger bearish move in Ethereum.
We have seen this happen over and over again all through the Ethereum price movement down that has lasted for months now.
In simple terms, ETH is still bearish and if Ethereum breaks through this current ascending channel support on the 1-hour timeframe, there is a very high probability for us to see the ETH sell-off to the downside resume!
Can This Key Support Hold Prices?
Right now, all eyes are on this 1-hour key level. Can the bulls hold on to this level again like it has done over and over before in the past? This is a question we are waiting for the Ethereum price to answer.
If this key support level holds, this gives the Ethereum bulls the fighting chance to continue trying to push the price back up and potentially break through the channel resistance.
However, if this support level fails to hold, this might be a massive blow to the Ethereum bulls as we might see the sell-off to the downside just continue.
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