Table of Contents
The Ethereum price has been selling off for weeks now, but that might all change soon! Right now, we are seeing the Altcoin form a key Converging Triangle Pattern on the 4-hour timeframe.
This pattern offers us high-quality levels to watch for and the best type of entries for a price break to the upside or downside in the coming days.
So no matter what direction the Ethereum price decides to go next, we can fully take advantage of this coming move.
In this Ethereum analysis, we will be talking about the key levels to watch for and the possible price scenarios for Ethereum in the coming days.
To trade ETH with leverage, sign-up to Prime XBT right now! Prime XBT’s BIGGEST Deposit Bonus Campaign is now live! Receive up to $7,000 on your deposit with promo code: bitcoinsensus50. Sign up now PRIME XBT.
[primexbt]
Ethereum Key Levels
The Ethereum price is currently ranging between the two key channels of the converging triangle pattern currently playing out on the 4-hour timeframe.
These two channels offer us great support and resistance for the price in the coming days. And until the Ethereum price breaks through one of these levels, we can expect to see the Altcoin range and trade sideways for a bit.
What Kind Of Breakout To Expect
The converging triangle pattern is a worldwide known pattern used by professional traders to identify when a market is consolidating or getting ready for a massive move.
What direction this coming move might take is unknown. However, we can take advantage of both a bullish and bearish breakout (depending on which decides to play out for Ethereum)
So in the coming days, we will keep our eyes on the Ethereum price action to see how it breaks out of this 4-hour converging triangle pattern and then jump in and take advantage of it as it plays out.
[primexbt]
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
