In our previous Ethereum analysis Ethereum Forming A Head and Shoulder Pattern! Sell Now?, we broke down the bearish Head and Shoulder Formation that was currently playing out on the 1-hour timeframe, the bearish target to watch, and the key levels to keep an eye on in the coming days.
Well, that bearish prediction is playing out exactly, with price breaking through the neckline region to confirm the ETH sell-off for us. However, our bearish target of $2,791 is yet to be smashed.
Instead, we are seeing the Ethereum price range a bit, trading sideways and forming a new key pattern that can help us better understand what price might do in the coming days.
In this Ethereum analysis, we will be updating our previous bearish prediction, and also talking about the new key pattern currently forming on the ETH 1-hour timeframe and what it means for the Ethereum price in the coming days.
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Ethereum Forming A New Converging Triangle Pattern
The Ethereum price is currently forming a new converging triangle pattern on the 1-hour timeframe. This pattern points to a momentum build-up in price and a potential breakout soon.
A converging triangle pattern can potentially breakout either to the upside or downside, and is very popular among traders.
But for this Ethereum analysis, we will be looking for only a potential breakout to the downside to complete this current move down for Ethereum.
Analysing The Ethereum Triangle Pattern.
For a better view of the Ethereum triangle pattern, we will be moving lower from the 1-hour timeframe to the 15 minutes timeframe.
In this 15 minutes timeframe, we see more price structure for the triangle pattern and the key levels to watch for in the coming days.
And the most important level to keep your eyes on is the Base Channel of the Triangle Pattern which serves as the key support for Ethereum on this 15 minutes timeframe
We want to see the Ethereum price break and close below this key support to confirm the Ethereum sell-off has resumed and we are back on our way down to the $2,791 bearish target we had from our initial Head and Shoulder Pattern analysis we talked about earlier in this article.
Until price breaks through this key support, we will stand aside and wait for our bearish confirmation!
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