The bearish Pattern we have been tracking for weeks is the Head and Shoulders Pattern.
This pattern is unique because it gives us an easy way to take advantage of the potential sell-off about to play out. Right now, we believe the Right Shoulder of this bearish pattern is currently forming in the 4-hour timeframe. And sooner or later, we expect to see a massive move play out.
In this Ethereum analysis, we will be talking about the Triangle pattern that is currently playing out at this location of the Right Shoulder and what it means for the price.
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ETH Triangle Pattern
The Ethereum price is forming a Triangle Pattern at the location of the Right Shoulder.
This Triangle Pattern only adds more confirmation to our bearish bias on Ethereum. In the coming days, we expect to see the ETH price break through this Triangle Pattern and begin to sell off.
The image below is an example of what that completed Triangle Pattern might look like in the coming days.
Once the ETH price breaks through this Triangle Pattern, we expect to see a potential -15% dump in the value of Ethereum.
Final Verdict!
The Ethereum price is currently trading at a major support region in the 4-hour timeframe. If this $1,684 support gives way, there is a very high probability that we might see a massive sell-off play out in the coming days.
What we now have are 2 bearish patterns (The head and shoulders pattern, and the Triangle pattern) confirming this bearish bias in Ethereum.
The question now is can the Ethereum bears push the Altcoin price below the $1,684 support? Until this happens, we have no choice but to sit out and wait.
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