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We have been tracking the Ethereum Descending Triangle Pattern since last week. This pattern offers us key levels to watch for the Ethereum price to gravitate to and find support/resistance from.
Last week, we saw this exact price prediction play out in Ethereum after the price bounced from the base support of the pattern at $1,684 and rallied higher. Ethereum Approaching This Major Key Support! What Next?
For this week, however, we are seeing the ETH price repeat this process again. But this time, the ETH price is currently testing the resistance channel of the Descending Triangle pattern.
We expect to see the ETH price collapse from this region and sell-off back down sooner or later.
In this Ethereum analysis, we will be talking about the bigger picture as well as the key levels we are currently watching in the Ethereum 4-hour price chart.
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Ethereum Still In A Ranging Market!
It is important to note that Ethereum is still in a ranging market in the 4-hour timeframe. And until we break out from that Descending Triangle Pattern either to the upside or downside, there is a very high probability that we might just continue to see this ranging market persist.
Right now Ethereum is testing the resistance region of the Triangle Pattern, and this key resistance has held over and over again in the past, increasing the likelihood of us seeing the ETH price respect it in the coming days.
What Can We Expect?
If this Descending Triangle key resistance holds, there is a very high probability that we might see a price sell-off back down for Ethereum in the coming days.
This is an -8% crash and we can expect to see it drag the Altcoin market down with for the ride.
BNB Setting Up To Take Advantage Of This ETH Sell-off
One of the key Altcoins currently setting up to take advantage of this potential -8% dump in Ethereum is the BNB/USDT altcoin pair.
We can see a clear Pennant Pattern currently forming in the 1-hour timeframe. If the Altcoin price breaks below this key pattern there is a very high probability that we might see a price flush to the downside.
And this BNB flush will be driven by the ETH sell-off.
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