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The Ethereum price has been in a bullish surge for weeks now! However, we are currently seeing this bullish momentum fade away as the Altcoin price has finally topped out and is pulling back in.
This price pullback is currently playing out in a key pattern. And in this Ethereum analysis, we will be breaking down this key pattern and the possible price scenarios we might be watching in the coming days.
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Ethereum Descending Channel Pattern
The key pattern we are currently watching very closely in the Ethereum 15 minutes timeframe is the Descending Channel pattern playing out right now in the 15 minutes timeframe.
This pattern is very significant because it helps us better understand what Ethereum is doing right now and what we can expect in the coming days.
The image below is what a completed Descending Channel Pattern might look like, and what we expect to see play out in the coming days.
What Does This Mean? Is The ETH Rally Over?
There is a very high probability that the Ethereum bullish rally is still far from over! What we are currently witnessing play out right now in the 15 minutes timeframe is a small pullback in price before the bullish move higher picks up again.
So in the coming days, we will be keeping a close eye on this Descending Channel pattern and waiting to see a bullish breakout in price to the upside for us to confirm this bullish bias on the Altcoin.
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