The Ethereum bullish rally has continued to play out exactly as we predicted! The Altcoin price is currently breaking out of the Triangle Pattern it has been trading for weeks now in the 4-hour timeframe.
This bullish breakout from this key pattern is a great indicator that the ETH price might be getting ready to surge higher in the coming days. And right now, we are seeing another bullish confirmation of this bias as the ETH price is about to break a major resistance level that has held for months now!
In this Ethereum analysis, we will be talking about what a bullish breakout above this $1,690 key resistance means for the bulls and what we can expect to see in the coming days.
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ETH $1,690 Key Resistance!
The Ethereum price has tested this $1,690 key resistance level on numerous occasions in the past and failed to break through it. This 4-hour level is very important to the bulls because a bullish close above it will totally erase any lingering doubt traders might have about this current rally in Ethereum.
Right now, the ETH price is testing this key level again! But this time, we are seeing a lot of bullish volume accompanying this price move higher as more buyers are jumping into the ETH triangle breakout rally.
If the ETH price manages to finally break through this $1,690 resistance level, this would be good for the bulls!
What Can We Expect In The Coming Days?
Our bullish target for this Ethereum triangle breakout is the $1,848 price level. This is a more than +10% surge in the value of Ethereum.
But for this target to be met, the ETH price needs to break above the $1,690 major resistance that has held since the beginning of 2023. Once the bulls pierce through this wall of resistance, we expect to see massive volatility and bullish volume come into the market!
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