In our previous Ethereum analysis, ETH Getting Ready To Explode! Watch This Triangle Pattern, we identified the key Triangle Pattern that was forming in the 4-hour timeframe and also warned our readers of the potential Triangle Leg Down in the coming days before we see a bounce and a rally in prices.

Well, that leg down as played out exactly as we predicted. However, we believe there is still a very high probability that this sell-off is not over just yet.

In this Ethereum analysis, we will be breaking down the next few moves the ETH price might be getting ready to make and the key levels we are currently watching in the 4-hour timeframe.

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]

Get Ready For These ETH Next Few Moves!

The Ethereum price sold off exactly as predicted. However, the Altcoin found support at the Base Channel of the Triangle Pattern in the 4-hour timeframe.

And right now, we are seeing the Altcoin price bounce and attempt to push higher. We believe this bounce and push higher in price might be a bullish fake-out!

The key level we are currently watching is the $1,632 minor zone within the Triangle Pattern.

ETH $1,632 Minor Zone

The key level we are watching right now is the $1,632 minor zone in the middle of the Triangle Pattern. This 4-hour mini zone might serve as a key resistance stopping this potential bounce and price rally we are currently seeing play out right now.

If that happens, we might see the Ethereum price make one last move lower in the coming days before the real bullish rally starts for the Altcoin.

So for now, we still believe that the last leg down for the Ethereum Triangle pattern is not over. We will be keeping a close eye on this Pattern and this Price action to see how it develops.

[bybit]

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