The massive ETH sell-off we experienced during the weekend is finally slowing down! Right now we are seeing the Altcoin price forming an Expanding Channel Pattern in the 15 minutes timeframe.
This pattern is a ranging pattern that occurs when price faces pressure. And for the Ethereum price chart, that would be new buyers coming into the market to try and stop this continued descent in prices.
So in the coming days, we expect to see the ETH price begin to range and bounce around within this Expanding Channel Pattern in the 15 minutes timeframe.
In this Ethereum analysis, we will be talking about the possible price scenarios to expect once ETH breaks out from this 15 minutes pattern.
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Ethereum Expanding Channel Pattern. What Should We Expect?
The Expanding channel Pattern can either be a reversal or a continuation pattern. This makes it important to wait for a price breakout from the pattern before looking for any trade setups.
Ethereum Bullish Price Scenario!
For the bullish price scenario, we want to see the Ethereum price break out and close above the resistance channel of the pattern in the 15 minutes timeframe.
A bullish breakout like this is the confirmation we need to indicate a possible push higher to the $1,446 price level for Ethereum.
Ethereum Bearish Price Scenario!
If the Ethereum price fails to break to the upside, there is a very high probability that we might just see the Altcoin dum continue.
However, to confirm this bias, we will need to see the Ethereum price break and close below the support level of the Expanding Channel Pattern in the 15 minutes timeframe.
A price break like this is the bearish indication we need to confirm a possible sell-off down to $989 in the coming days.
Ethereum has a key decision to make in the coming days. Will it continue to sell off or will we see a bounce and rally higher soon?
The key pattern to watch is the Expanding Channel Pattern currently playing out in the 15 minutes timeframe. How will Ethereum break out of this pattern in the coming days?
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