In our previous Ethereum analysis, ETH Ranging Market Continues! This Triangle Pattern Just Got Bigger we talked about:
- Why the Ethereum price was ranging,
- The internal sub-structure of the Triangle Pattern that was forming, and
- The bullish rally we believe might happen once this pattern is completed.
Well, Ethereum has been following that Price prediction exactly! And right now we believe we are entering the final stages of the Triangle pattern before the bullish breakout occurs.
In this Ethereum analysis, we will be talking about the key levels we are currently watching and what we are anticipating to happen in the coming days.
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ETH Important Levels To Watch!
For this Bullish Triangle Pattern to remain valid, we need to see the ETH price respect and continue to trade above the $1,629 key support region in the 1-hour timeframe.
This $1,629 price level is the invalidation point for the Triangle Pattern and must be defended at all costs if we are to see this ETH bullish rally resume once the pattern is completed.
However, if the ETH price breaks below this $1,629 price level in the coming days, this could mean that this Pattern is no longer valid and our bullish bias on Ethereum might be wrong!
So for now, we are watching the $1,629 price level closely and if this support level can hold, we can expect to see the ETH price begin to push higher in the coming days.
What Now For Ethereum?
The Ethereum price is entering the final stages of completing the Triangle pattern that has been playing out in the 1-hour timeframe.
We believe that once this pattern is completed, there is a very high probability that we might see a bullish rally to the $1,816 price level in the coming days.
However, this bullish prediction can only remain valid if the Ethereum price continues to respect and trade above the $1,629 key support level in the 1-hour timeframe.
A price break below this support only invalidates our bullish bias and indicates that this Triangle pattern might not work out the way we predicted anymore.
But for now, this support level is still and we will remain bullish!
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