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The key pattern we are still watching in the ETH price chart is the Triangle Pattern currently playing out in the Ethereum 4-hour timeframe.
This pattern is very important right now, because it helps us better understand exactly what the Ethereum price is doing and what it might be up to in the coming days.
The triangle pattern has the ability to breakout in any direction it wants and yesterday we saw a bearish fakeout play out in the 4-hour timeframe, trapping sellers before the ETH price reversed and pushed higher.
We warned our readers about this potential fakeout in price way before it happend and also broke down what to expect in a previous analysis Ethereum Just Broke Below This Major Pattern! Is This A Sell Signal?
However, in this Ethereum analysis, we will be talking about what the ETH price is doing now and what we should be expecting in the coming days. Are we going to see more bullish rallies in the coming days?
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What Is Ethereum Doing Right Now?
While a lot of traders are becoming very bullish on Ethereum, it is important to note that the Altcoin is still yet to enter into the bullish territory.
As a matter of fact, right now Ethereum is still trading within the Traingle Pattern in the 4-hour timeframe. This means the posibility of price trending in any direction is still 50/50.
And as far as this 50/50 trend probability remains, jumping into any trade setup either buy/sell will lead to a low probability outcome.
Ethereum Bullish Price Scenario!
For a high probability Ethereum bullish price scenario, we want to see the ETH price break through and close above the triangle pattern in the 4-hour timeframe.
This would warant the ETH price to breakthrough and close above the $1,280 key resistance level of the triangle pattern in the 4-hour timeframe.
Only once the Ethereum price breaks through this key level can we confirm the start of the bullish rally in Ethereum.
What Happens If Price Fails To Breakthrough This $1,280 Key Resistnce?
If the ETH price fails to breakthrough this $1,280 key resistnce, there is a very high probability we might just see price reject off this key level and resume its movement lower in the coming days.
This is why this $1,280 price level is a critical level for the Ethereum price chart. can the bulls break through it or should we expect to see more selling pressure come in and push prices lower?
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