The Ethereum price traded sideways throughout today as the Altcoin is currently forming a converging triangle pattern in the 15 minutes timeframe.
This pattern offers us key levels to watch for either a price breakout or a breakdown in the coming days. In this Ethereum analysis, we will be talking about the key levels we are watching as well as our prediction both to the upside and downside.
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Ethereum Bullish Prediction!
For the Ethereum bullish prediction, we want to see the price of the Altcoin breakthrough the converging triangle pattern and continue trading higher in the coming days.
A breakout like this in the 15 minutes timeframe is the perfect confirmation we need to signify the resumption of the bullish rally in the Ethereum market.
Ethereum Bullish Target
Our bullish price target is the $4k price level. We have seen the Ethereum price fail to break through this horizontal resistance on three occasions both on the 15 minutes and 4-hour timeframe.
If this $4k horizontal level continues to hold, we can expect to see the Ethereum price rally to this region before encountering resistance again in the coming days.
Ethereum is breaking out right now, as the price is currently rallying above the converging triangle pattern currently playing out in the 15 minutes timeframe. How far this rally goes depends on if the bulls can break through the $4k horizontal resistance in the 4-hour timeframe.
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