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In our previous Ethereum analysis Warning! ETH is About To Make A Massive Move Soon. Get Ready we talked about the Triangle Pattern that was forming in the 1-hour timeframe and how this pattern was setting the Altcoin price up for a massive move soon!
In this ETH analysis, we will be going a bit in-depth and talking about the two price scenarios we should be expecting and their targets. In the coming days, we expect to see ETH follow one of these price scenarios as the Altcoin finally breaks out of the Triangle Pattern
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ETH Bullish Price Scenario!
For the ETH bullish price scenario, we want to see the Altcoin price break out and close above the triangle pattern in the 1-hour timeframe.
Right now, the ETH price is attempting to break out, however, we are still yet to see a price close above this pattern in the 1-hour timeframe.
A bullish breakout and close like this could be the perfect confirmation we need to indicate the start of a bullish surge higher for Ethereum after ranging all weekend.
The price target for this bullish move is the $1,818 price level. This is the standard target for the Triangle Pattern and we expect to see the ETH price rally to this level before facing any major resistance in the coming days.
ETH Bearish Scenario!
If the Ethereum price fails to close above this Triangle Pattern in the 1-hour timeframe and instead begins to sell off again, there is a very high probability that we might see a price breakdown happen instead.
A bearish breakdown from the Triangle Pattern could easily see us pushing back into the $1,608 key region again.
The standard target for a bearish Triangle Pattern is the $1,589 price level. And there is a very high probability that we might see the ETH price get to this level before finding any major support.
Final Verdict!
We are entering the final phase of the Triangle Pattern and we expect to see the Altcoin price break out of this pattern and head either to the upside or downside in the coming days.
Whatever direction Ethereum decides to head to, we now know the targets to watch and what to expect from the price.
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