In our previous Ethereum analysis Ethereum Bullish Rally Far From Over! Watch This Flag Pattern, we identified a key bullish pattern that was forming in the ETH 15 minutes timeframe.
This bullish flag pattern is a great indicator that we might see the bullish rally in Ethereum continue in the coming days. We talked in-depth about all these, as well as the bullish targets we were aiming for in that previous article.
However, in this ETH TA, we will be talking about invalidation levels as well as the key support the Ethereum bulls must defend.
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The Most Important Support For Ethereum Right Now!
Right now, the most important support for the Ethereum price is the $1,684 key support.
The bullish flag pattern will remain valid as far as the ETH price respects and continues to trade above this $1,684 key support in the 15 minutes timeframe.
A price break below this support only invalidates this pattern and indicates a possible price sell-off in the coming days.
In simple terms:
We will stay bullish on ETH as far as the Altcoin price continues to trade above this $1,684 key support in the 15 minutes timeframe.
Final Verdict!
The Ethereum price is still playing out exactly as we predicted. The bullish flag pattern is the key pattern that supports this bullish bias in Ethereum.
In the coming days, we believe there is a very high probability that this flag pattern we continue to play out. If this happens, we might see the ETH price begin to rally higher.
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