Table of Contents
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.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Deposit Bonus Campaign is now live! First-time depositors can get up to a $4,100 Bonus when you sign-up and fund your Bybit account with our Bybit link.
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.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
