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For the past few days now, we have been tracking the Triangle Pattern forming in the 4-hour timeframe. And in our previous Ethereum analysis ETH Entering The Final Stage Of This Bullish Breakout Pattern! Get Ready we broke down the internal structure of the pattern and what we believe might happen next.
Well, in this ETH analysis, we will be going a step further and talking about the key resistance level the ETH price must break through for us to begin to rally higher.
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ETH $1,845 Key Resistance!
Yes, the Triangle Pattern is still valid, but the key resistance that needs to be broken for us to confirm the price break out of this Triangle pattern and the start of the bullish rally is the $1,845 key resistance in the 4-hour timeframe.
We have seen the ETH price test and failed to break through this level on numerous occasions in the past, meaning that the ETH bears are using it as a last line of defense.
If the bulls can manage to pierce through this last line of defense, there is a very high probability that we see the Altcoin rally massively in the coming days.
Final Verdict!
The Ethereum Triangle Pattern is still playing out exactly! However, the ETH price has not yet broken out of this key pattern.
For this breakout to occur, we need to see the ETH bulls push the Altcoin price above the $1,845 key resistance level in the 4-hour timeframe. And until this bullish break happens, we will stand aside and continue to wait for this bullish confirmation to play out.
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