Ethereum Ready To Explode! Watch This Key Pattern

7:33 am, Thu, 23 December 21

Current Ethereum Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?
Ethereum Just Formed This New Converging Triangle Pattern on the 1-hour timeframe! What next?
Ethereum price prediction from a previous analysis Ethereum Just Formed This New Converging Triangle Pattern!

In our previous Ethereum analysis: Ethereum Just Formed This New Converging Triangle Pattern! we talked about the key Triangle Pattern that was forming in the 1-hour timeframe and what it meant for Ethereum in the coming days.

This converging triangle pattern gave us the ability to understand what the market was doing and get ready for a potential breakout either to the upside or downside, ending the ranging/sideways market we have been experiencing on the Ethereum 1-hour timeframe for weeks now.

What Is Ethereum Doing Right Now?

Ethereum Ready To Explode! Watch This Key Pattern
Ethereum Ready To Explode! Watch This Key Pattern. Can Ethereum breakthrough this resistance on the 1-hour timeframe

Well, Ethereum is looking like it wants to explode to the upside! But for a bullish breakout like this to occur, the Ethereum price needs to surge through and close above the resistance channel of the converging triangle pattern.

And right now, the ETH price is still battling with this key level. Can we expect to see a bullish breakout soon or will this resistance level hold and push the price back down in the coming days?

To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Deposit Bonus Campaign is now live! First-time depositors can get up to a $4,100 Bonus when you sign-up and fund your Bybit account with our Bybit link.

Claim up to $30,030 in Bonus

100x Leverage

Ethereum Bullish Breakout!

Ethereum Ready To Explode! Watch This Key Pattern
Ethereum Ready To Explode! Watch This Key Pattern. Ethereum bullish prediction on the 1-hour timeframe

For the Ethereum bullish breakout, we want to see the Altcoin clearly break through and close above the resistance channel of the converging triangle pattern on the 1-hour timeframe.

A bullish breakout like this is the indication we need to confirm the end of the ranging market and the resumption of the ETH uptrend higher.

Our bullish target for this move would be the $4,484 price level. This would be about an 11% surge in the price of Ethereum if it were to play out.

Ethereum Ready To Explode! Watch This Key Pattern
Ethereum Ready To Explode! Watch This Key Pattern. Ethereum potential bullish target on the 1-hour timeframe

What Happens If This Resistance Channel Holds?

Ethereum Ready To Explode! Watch This Key Pattern. Can Ethereum breakthrough the channel resistance on the 1-hour timeframe or should we expect a price sell-off?

If Ethereum fails to break through this key channel resistance on the 1-hour timeframe, there is a very high probability that we may just see the ETH price continue to form the triangle pattern.

This means a failure to break through could potentially see us selling back down to the base of the converging triangle pattern where we might find support again.

Claim up to $30,030 in Bonus

100x Leverage

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

Recommended Bitcoin Trading Platforms:
★★★★★
★★★★★

Rating: 94%

Claim up to $30,030 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 89%

Claim up to $4100 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 91%

Claim up to $7000 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.050%
Maker:
0.050%
Wire:
Credit:
Crypto: