Warning: Ethereum Bullish Scenario Playing Out. Is Price About to Explode? ETH to $5k Next!
In our previous Ethereum analysis, we talked about the last key resistance still holding the ETH price back and how a bullish breakout above this key zone could signify the start of a much more aggressive push to the upside in the coming days.
Well, that bullish scenario seems to be playing out right now. The Ethereum bulls are right now fighting to complete this bullish breakout on the Daily timeframe.
In this ETH analysis, we will be updating you on the current price action as well as what we think might be setting up to happen in the coming days.
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Ethereum Ending Diagonal Pattern
The key pattern we are currently tracking is the Ending Diagonal Pattern currently playing out on the ETH Daily timeframe. The presence of this key pattern indicates that the ETH bulls might be getting ready to make a massive move soon.
If this ETH bullish breakout continues to play out, there is a very high probability that we might see more buyers begin to step back into the market in the coming days.
A rise in bullish sentiment like this could kick off the start of a much more aggressive rally in the ETH price in the coming days with the potential for us to even see a price rally back up towards $5k soon!
Final Verdict!
The Ethereum price is at a critical point right now. We are seeing the price attempt to break above a major resistance zone on the Daily timeframe. This bullish attempt indicates that the ETH bulls are currently fighting to take back control of this market trend.
So for now, we are bullish on ETH and will continue to observe the price to see if this bullish breakout above this key resistance zone will be completed in the coming days.
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