Here’s What Happens To The Ethereum Price If Bullish Momentum Holds

Coming out of the weekend, the Ethereum price has seen a rise in its bullish ￰0￱ it is still in its early stages, there is the possibility that the bulls are able to hold this momentum for a reasonable amount of time, thereby pushing sentiment straight into the positive once ￰1￱ this happens, then it carries some implications for the Ethereum price and could trigger the next wave of rallies for the ￰2￱ Price Eyes Next Breakout Speaking on the recent bullish momentum that the Ethereum price has enjoyed, crypto analyst Klejdi Muni revealed that this was a direct result of the formation of a bullish flag pattern on the ￰3￱ only did the Ethereum price complete this bullish formation, but it was also able to break above the flag, something that is very bullish for the ￰4￱ Reading: Bitcoin Holding Above Gaussian Channel, Bull Market Structure Still Intact The initial breakout above the $4,000 resistance shows that bulls are picking up momentum, and the only hurdle now is to keep this momentum ￰5￱ the momentum is sustained, then the next target for the Ethereum price to beat would be at the $4,285 ￰6￱ this level is broken, then it is only a matter of time before Ethereum rallies in what could be another campaign for new all-time ￰7￱ the flip side of this, though, is the possibility that bears would be able to drag the price back ￰8￱ would happen if the support at $3,900 were to be ￰9￱ a move could invalidate the entire bullish thesis, especially if they are able to stop the current bullish momentum in its tracks.

Thus, Ethereum bulls must keep the price above the $3,900 support if they want to maintain the current ￰10￱ Is The Order Of The Day Another crypto analyst, Linofx1, has also echoed the bullish sentiments surrounding the Ethereum ￰11￱ their own analysis, Lino expressed that the Ethereum price was now bullish after testing a significant daily support level above $3,800. Related Reading: XRP Wallets Holding Over 10,000 Tokens Hit Record High Amid Price Recovery With this, there was the formation of an Inverted Head and Shoulders pattern, which is ultimately bullish for any digital ￰12￱ price was able to complete a breakout from the neckline, rising to the top before encountering some resistance.

This, the analyst explains, shows that there has been a local change of character from bearish to ￰13￱ here, the analyst highlights that the next level that needs to be broken is the $4,300 ￰14￱ is eerily close to Muni’s $4,285 resistance that holds the key to the next ￰15￱ image created with Dall. E, chart from ￰16￱