If you have traded the market long enough, you would know that “Patterns tend to repeat!” and right now a key pattern that foretold the massive surge we saw play out on Ethereum is repeating on the daily timeframe!
The key pattern we are talking about is the Descending Channel Pattern, and the last time it played out on the Ethereum 1 day price chart we saw a massive surge follow. This surge lasted for months and pushed the ETH price more than 83% higher in value.
Right now, that descending channel pattern is forming again on the daily timeframe! Giving us a clear indication that Ethereum might just be ready to surge massively again in the coming days.
If this plays out exactly as we predicted, we might see a massive buying opportunity to ride ETH to new ATHs very soon!
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Ethereum Descending Channel Pattern!
The Descending channel pattern is a bullish reversal pattern that forms when prices retrace after a bullish surge. This retracement is contained within parallel lines with the bullish breakout of these parallel lines indicating the end of the retracement and the resumption of the bullish move higher.
Ethereum is still trading within these parallel lines as we speak, meaning that the ETH bearish retracement is still ongoing. But for how long?
Key Levels To Watch!
The most important key level to watch for on the Ethereum price chart is the resistance channel of the descending channel pattern currently playing out.
We want to see the ETH price clearly break through and close above this key resistance for it to signify the end of the bearish retracement for Ethereum.
Once we see a bullish breakout like this, we can then expect to see a price follow-through and an increase in the bullish momentum pushing the Ethereum price into new highs in no time.
But until this bullish breakout occurs, the Ethereum price might just continue to bounce within the descending channel pattern and continue to retrace lower.
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