In our previous Ethereum analysis, This Triangle Pattern Helps Us Understand Why Ethereum Is Ranging So much! we talked about the Triangle Pattern that was forming in the 4-hour timeframe and what it meant for the ETH price.

Well, more than 48 hours after publishing that article and the release of the FOMC meeting and other fundamental news, the Ethereum price has evolved and solidified its look.

And the new look it has simply says that “Ethereum is currently ranging and building momentum for a massive move soon!”

In this Ethereum analysis, we will be talking about this updated pattern as well as the new key levels we are currently keeping our eyes on 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

[bybit]

Ethereum Price Still Ranging

The Ethereum price is right now still in the ranging phase in the 4-hour timeframe.

For the price to range and trade sideways this long, it means that the Altcoin is preparing to make a massive move soon!

When that move will occur we still do not know. However, until that happens, there is a very high probability we might continue to just see low volatility in the market and more sideways trading for the next few days.

Possible BreakOut Sceanrios!

There are two possible breakout scenarios for this pattern in the 4-hour timeframe. And once this ranging phase of the ETH market ends, we expect to see the Ethereum price move in the direction of one of these scenarios.

Whatever direction the ETH price breaks out to would likely be the direction the ETH price would trend towards for a while before facing any major levels.

So for now, we are watching this 4-hour pattern closely and waiting to see when the ETH price breakout would take place.

[bybit]

How to Trade Bitcoin (BTC)?

To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top 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