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The key resistance level for the converging triangle pattern we talked about in our previous analysis Ethereum Breaking Down Right Now! Can price Stay Below This Key Level? has been broken, invalidating that triangle pattern. However, the Ethereum price is now forming a new larger pattern we can keep an eye on.
In this Ethereum analysis, we will be updating our readers on this new Expanding Channel pattern the Ethereum price is now forming, what it means for the ETH market, and the key levels to watch for in the coming days.
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Ethereum Expanding Channel Pattern
The Expanding channel pattern is a well know consolidation pattern that plays out when the price of an asset is building momentum, getting ready for a massive move.
This move can either be to the upside or downside, the key levels to watch are the support and resistance channels that make up the pattern.
As far as the Ethereum price continues to trade between these two key levels on the 1-hour timeframe, there is a very high probability that we might see the price of the Altcoin continue to range and bounce around this region in the coming days.
However, this range is only a way for Ethereum to tell traders that it is getting ready for a massive move soon!
What Direction Will This Coming Move Take?
The direction this coming break out in price will take is still unknown for now. However, the expanding channel key levels are what you want to keep your eyes on.
Once price breaks through one of these key levels, there is a very high probability Ethereum will continue trending in the direction of that price break.
But for now, these key levels are still holding. We will stand aside and wait for the Ethereum price to decide what direction it would love to break out to.
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