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The Ethereum price is currently forming a massive Triangle Pattern in the 1-hour timeframe. This pattern offers us key levels to watch for and helps us better understand what the Ethereum price is doing right now!
In this Ethereum analysis, we will be breaking down this key pattern currently forming in the 1-hour timeframe as well as the the possible price scenarios we might see play out in the coming days.
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Ethereum Getting Ready To Explode!
Triangle Patterns are well know because they usually precede massive movement in price. So for the case of Ethereum, we know that the price is gradually building up for a massive movement in the coming days.
However, we do not know for a certain what direction that Ethereum price breakout would take.
Bullish Price Scenario!
For the bullish price scenario, we would want to see the Ethereum price break out of the triangle pattern to the upside. A bullish breakout like this would confirm our a change in the market sentiment and a possibility for us to see a quick rally in Ethereum.
The standard target for a bullish rally like this would be the $1,676 price target. A possible 30% surge in the value of Ethereum.
Bearish Price Scenario!
For the bearish price scenario, we want to see the ETH price break through and close below the triangle pattern in the 1-hour timeframe.
A price breakdown like this increases the possibility for us to see a sell-off in Ethereum that could last for days and continue to push the value of Ethereum lower.
The standard target for a bearish breakdown like this is the $726 price level. This is a -35% dump in the value of Ethereum.
Final Verdict!
Ethereum is setting up for a major move soon! And in the coming days, we will be keeping an eye on this Triangle Pattern to see how it plays out.
The direction the Ethereum trend will take will largely depend on how price breaks out from this Triangle Pattern currently playing out in the 1-hour timeframe.
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