Table of Contents
In our previous Ethereum analysis Ethereum Forming A Triangle Pattern! What Next? we talked about two main things in that article.
- The Triangle Pattern currently forming in the 1-hour timeframe and
- The prediction for a potential Ethereum sell-off. And we saw it play out perfectly
Well in this Ethereum analysis, we will be answering the question what next for the price? We will also be breaking down the current key support the Ethereum bulls are struggling to hold and what we might expect in the coming days.
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What Is Ethereum Doing Now?
The Ethereum price is currently trading at key support in the 1-hour timeframe. This key support is the base channel of the larger triangle pattern the price is still trading in.
This level is also very significant because we have seen the Ethereum price respect twice in the past. And if it holds it again for this third time, there is a very high probability that we might see the ETH rally higher in the coming days.
So the question now is can the bulls hold on to this base support or will we see selling pressure push Ethereum below this support and maybe lower?
Final Verdict!
Ethereum is currently trading at key support in the 1-hour timeframe. A price break below this support could see us trending lower in the coming days.
However, if this key support holds, there is a very high probability that we will see a bounce and a small rally in price in the coming days.
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