In our previous Ethereum analysis Ethereum Testing This Major Support! Will It Hold? Watch This Key Pattern, we made a bullish prediction for the ETH price.
That bullish prediction has been playing out now for days and we believe that the ETH price rally is far from over! Right now the Ethereum price is forming a key pattern that might signal a bullish continuation in the coming days.
In this Ethereum analysis, we will be talking about this bullish Flag Pattern and the key levels we are currently watching.
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Ethereum Bullish Flag Pattern
This bullish flag pattern is a great indicator of a possible continuation of the Ethereum price rally. However, the pattern is still yet to be completed.
For our bullish bias on Ethereum to be confirmed, we need to see the Altcoin price breakthrough and close above this Flag Pattern in the 15 minutes timeframe.
A bullish breakout like this confirms the completion of the pattern and the possibility for us to see the ETH price rally higher in the coming days.
Ethereum Bullish Price Target
The possible price target for a move like this is the $1,519 price level. This a potential +5% rally for Ethereum and has a high probability of playing out in the coming days.
However, for this bullish prediction to remain valid, we need to see the ETH bulls come into the market and begin to push the Altcoin price higher soon!
Final Verdict!
We believe the Ethereum bullish rally is far from over! The Altcoin price is currently forming a key flag pattern in the 15 minutes timeframe.
This pattern is a bullish continuation pattern and it indicates we might see the ETH price surge higher once the pattern is completed.
So right now, we are standing aside and waiting to see this key pattern get completed in the coming days.
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