For the past few weeks now, we have been tracking the development of the Triangle Pattern forming in the 1-hour timeframe. We talked about the possible price scenarios we can expect and warned our readers to get ready for a move soon!

However, this Triangle Pattern Just Got Much Bigger! And not only that, but by taking this long to form, we now know what direction the Ethereum price has the highest probability of breaking out to in the coming days.

In this Ethereum analysis, we will be talking about the key structures we are watching as well as what we expect to play out in the coming days.

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ETH Triangle Pattern! What Should We Expect Next?

The internal sub-structure of a Triangle Pattern looks exactly like the image above. According to the Elliot Wave Theory, a standard Triangle Pattern consist of 5-legs labeled (A, B, C, D, E).

Once these internal 5-legs are completed, we expect to see a breakout and continuation rally to the upside from the pattern.

When you look at the image above and compare it with the Triangle Pattern currently forming in the ETH 1-hour timeframe, we see a lot of similarities in the price structure.

For one, these 5-legs are almost completed on the ETH 1-price chart, making this Triangle pattern forming right now a textbook example. And if it plays out exactly, we expect to see a potential breakout to the upside.

Final Verdict!

We believe there is a very high probability that we might see an Ethereum price breakout from this Triangle Pattern to the upside in the coming days. However, we need the final leg down for ‘E’ to be completed.

We will be keeping you up to date and tracking this pattern as it enters its final stage of development. Once this final ‘E’ leg is done, we expect to see the push higher begin for the Altcoin price.

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