For days now, we have been talking about the potential Head and Shoulders Pattern forming in the 4-hour timeframe Urgent! History About To Repeat On ETH. Watch This.
In that analysis, we indicated to our readers that we needed to see the Altcoin price break and close below the Neckline Support for us to confirm the start of the sell-off.
However, that has not happened yet. Instead, we are seeing the ETH price push higher now, making a lot of traders wonder if this could be the start of another bullish push higher for the Altcoin in the coming days.
In this ETH analysis, we will be talking about our outlook on Ethereum right now, as well as the most important levels we are keeping a close eye on.
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Is ETH Bullish Now?
Despite the push higher in the ETH price, like we are currently seeing playout on the ETH 4-hour timeframe, the ETH Altcoin still has a major resistance it needs to break above before we can consider looking for potential bullish setups to take advantage of.
That key level is the $1,977 previous high in the 4-hour timeframe. For Ethereum to enter bullish territory, we need to see the ETH price break above this key level in the coming days.
If Ethereum fails to break through this key resistance, there is a very high probability that we might see sellers push the Altcoin lower.
Final Verdict!
The Ethereum price is pushing up aggressively today. However, the Altcoin is about to test a major resistance level in the 4-hour timeframe.
How the Ethereum price reacts to this $1,977 key resistance will determine what to expect from the ETH price in the coming days.
For this Ethereum bullish rally to continue, we need to see the Altcoin price breakthrough at this key level.
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