In our previous Ethereum analysis Urgent: Ethereum Getting Ready For A Massive Move Soon!, we talked about the massive Descending Triangle Pattern currently forming in the 4-hour timeframe and how the price was getting ready to finally break out of it in the coming days.
In this Ethereum analysis, we will be talking about a much smaller pattern forming right now within this larger Descending Triangle Pattern.
The smaller pattern we are watching is a Converging Triangle Pattern and it is currently forming in the ETH 15 minutes timeframe.
This pattern is getting ready to be completed and we believe there is a very high probability we will see a breakout in the next 24 hours.
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Ethereum Smaller Pattern
The converging triangle pattern is nested within the much larger Descending Triangle Pattern. In the coming hours, we expect to see the ETH price break out of this smaller pattern and sell-off down to the base of the much larger Descending Triangle Pattern.
This is a more than -5% move in the Ethereum price and right now we are just waiting to see the ETH price break and close below this smaller pattern to confirm the start of the move lower.
Final Verdict!
While the Ethereum price might still be ranging in the higher timeframe, we are seeing a potential shorting opportunity present itself in the 15 minutes timeframe.
And the key pattern we are currently watching is a converging Triangle Pattern. Once this pattern is completed, we expect to see the Altcoin price break below it and continue to head lower in the coming days.
But Ethereum needs to break and close below this pattern to confirm our bearish bias.
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