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The Ethereum price is currently forming a Triangle Pattern in the 1-hour timeframe. This triangle pattern indicates that the ETH price is still struggling to decide what trend it would be taking in the coming days.
In this Ethereum analysis, we will be breaking down this Ethereum triangle Pattern currently forming in the 1-hour timeframe, as well as the possible price scenarios we should be expecting in the coming days.
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Ethereum Triangle Pattern!
The Ethereum triangle is still in its early stages of formation, this means there is a very high probability that we might see the Altcoin price continue to range within this key pattern in the 1-hour timeframe for days to come.
Right now, Ethereum is getting ready to make a -5% drop in value in the coming days. This sell-off would push the Altcoin price back to the base of the triangle pattern.
The Bigger Picture For Ethereum
Right now, Ethereum is forming a key Triangle Pattern in the 1-hour timeframe. This pattern is a consolidation pattern meaning that the Ethereum trend is still undecided for now.
However, once this pattern is completed there is a very high probability that w might see a massive breakout in price either to the upside or downside.
In the coming days, we will keep a close eye on this key pattern to see how the Ethereum price reacts with it.
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