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In our previous Ethereum analysis Ethereum Testing This Key Support! Will the Price Bounce Or Will the Sell-Off Continue? we identified the key $1,347 support the ETH price was testing in the 4-hour timeframe.
Well since publishing that TA, we have seen the Ethereum bulls come back into the market to defend this $1,347 key level, indicating that the ETH bulls might not be ready to see Ethereum push lower now.
In this Ethereum analysis, we will be providing you with an update from that previous TA, as well as what we are currently seeing play out right now.
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Potential ZigZag Pattern Playing Out For Ethereum
Right now, we are seeing the ETH price bounce from the $1,347 key support level, and that price bounce is forming what looks like a ZigZag pattern in the 1-hour timeframe.
The image above is what this ZigZag pattern looks like once completed, we are expecting to see a similar price action play out in the Ethereum price in the coming days.
A price rally like this could easily see the Altcoin pushing back up to the $1,520 price region in the coming days. This is a potential +7% rally in the value of Ethereum and could see us finally recovering all the losses made during the recent dump in the ETH price.
Final Verdict!
We believe that the Ethereum relief rally is still playing out and right now we are seeing a unique ZigZag Pattern form in the 1-hour timeframe.
If this bullish prediction plays out exactly, there is a very high probability that ETH would make one last move up before encountering any new resistance.
We will be keeping a close eye on this pattern as it develops in the coming days.
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