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The Ethereum price is still trading in a Converging Triangle pattern on the 4-hour timeframe. This unique pattern is well known among professional traders and usually forms when the market is in a consolidation phase.
We can see this consolidation clearly playing out on the ETH 4-hour timeframe as the Altcoin continues to trade sideways within this key pattern.
This price consolidation can only last for so long before we see a breakout from the pattern and a resumption in the Ethereum trend.
What direction this price breakout will take, or when it might play is still unknown. However, what we do know is that the Converging triangle pattern is still yet to be completed. And until it finally gets completed, we can expect to remain within this range.
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What Should We Expect From Ethereum Come Next Week?
Next week, we expect this ranging market to continue on the higher timeframe as the Converging Triangle pattern continues to develop.
However, on the lower timeframe (1-hour timeframe) we can expect to see more price sell-off next week. This sell-off would be as a result of a leg down in the internal structure of the triangle pattern.
But for that sell-off to resume on the ETH lower timeframe a key minor support must be broken.
Ethereum Minor Support
The internal structure of the triangle pattern is still playing out perfectly. And on the 1-hour timeframe, we can see clear signs that Ethereum wants to continue heading lower, to complete one of the legs of the Triangle pattern.
But for that sell-off to play out, we need to see the Ethereum price break and close below the $2,593 minor support on the 1-hour timeframe.
Once this level gives way, we can expect to see a price crash to the base of the Triangle in the coming days.
We are bearish on the Ethereum price for the short term and believe there is a very high probability for us to see the Altcoin continue to sell-off on the smaller timeframes into next week.
But for this bearish prediction to play, the Ethereum price must break through a minor support on the 1-hour timeframe. Until that support gets broken, we will stand aside and wait.
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