Table of Contents
In our previous Ethereum analysis, ETH Triangle Pattern Playing Out Exactly! What Now? we talked about a major support zone the ETH price had to defend if they wanted to see this 1-hour Triangle Pattern remain valid.
As of today, this $1,629 support zone has been officially violated! Indicating that our bullish bias on Ethereum and the Triangle Pattern is no longer in play right now!
In this Ethereum analysis, we will be talking about what this means for the ETH price and what we can expect to happen next in the coming days.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $30,000 Bonus when you fund your Bybit account with our Bybit link
ETH Triangle Pattern Invalidated! What Now?
By breaking through the $1,629 price level, the ETH Triangle Pattern became invalid, this means we need to take a fresh new look at the current price action and try to understand what might be going on now.
Well for starters Ethereum is currently trading back into a major key level in the 1-hour timeframe and we expect to see some kind of bullish reaction from this zone in the coming days.
The zone we are talking about is the $1,566 key level in the 1-hour timeframe. We have seen the ETH price react to this zone over and over again in the past and we believe Ethereum might be setting up to do it again in the coming days.
Final Verdict!
The Ethereum 1-hour Triangle Pattern is currently invalidated! However, the Altcoin price is right now testing a major level. We believe this $1,566 key zone might be a major support the Ethereum bulls are looking to take advantage of in the coming days.
If this key level gets held, there is a very high probability that we might see a push higher for Ethereum soon!
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
