The Ethereum price just broke out of a massive Descending Channel pattern in the 15 minutes timeframe.
A bullish breakout like this indicates a very high likelihood of a bullish rally coming very soon for Ethereum in the coming days.
In this Ethereum analysis, we will be breaking down this Descending Channel Pattern, the key levels we are currently watching as well as our bullish target for this Ethereum rally.
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Ethereum Descending Channel Pattern
The image above is what a typical bullish breakout from a Descending Channel pattern looks like. And in the coming days, we expect to see the Ethereum price action look like this.
The key level to watch out for is the $1,268 key support in the 15 minutes timeframe. For this bullish bias on Ethereum to remain valid, we need to see the ETH bulls defend this $1,268 key support.
A price break below this $1,268 price level only invalidates this bullish prediction and increases the probability for us to see more price sell-off to the downside in the coming days.
Ethereum Bullish Prediction!
If this bullish prediction in Ethereum plays out, we could easily see the ETH price rallying back to highs of $1,760 in no time!
This is a potential +30% surge very possible for Ethereum. The question now is will we see bullish follow-through in price in the coming days?
If this bullish follow-through comes, we might see the Ethereum bullish momentum skyrocket, pushing the Altcoin price higher to our bullish target.
Final Verdict!
We believe the Ethereum sell-off is finally coming to an end, and the key pattern supporting this bullish move higher is the Descending Channel Pattern currently playing out in the 15 minutes timeframe.
If this pattern plays out exactly, we might see a massive surge of over +30% in value for Ethereum in the coming days.
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