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The Ethereum price is currently trading within a key converging triangle pattern in the 15 minutes timeframe. This pattern offers us key levels to watch for in the coming days and right now, Ethereum is testing that pattern resistance.
This resistance has held strong in the past and might do so again in the coming days.
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Ethereum Converging Triangle Pattern!
The converging triangle pattern usually forms when the price is accumulating momentum and getting ready to make a massive move either to the upside or downside.
That accumulation phase is yet to be completed for Ethereum and we might see the Altcoin price continue to bounce around and range within this pattern in the coming days.
That accumulation phase-only completes when the Ethereum price breaks above the resistance channel of the converging triangle pattern.
Ethereum Price Target
This converging triangle pattern offers us a clear picture as to what the Ethereum price might be doing soon. And the next target we believe the price might be heading to is the bottom of the ascending channel pattern.
This is a 2% drop in value and might play out soon. However, for this ranging market to remain valid, the Ethereum price must continue to trade within this 15 minutes converging triangle pattern
Final Verdict!
Ethereum is building up momentum for a massive move soon. However, this price accumulation phase is yet to be completed and will only be completed once the price breaks above the converging triangle pattern in the 15 minutes timeframe.
Until that bullish breakout out of this pattern happens, Ethereum is still in a ranging market and might continue to trade sideways.
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