In our previous Ethereum analysis, Ethereum Running Into Key Resistance. Watch This Pattern we talked about the converging triangle pattern currently forming in the 15 minutes timeframe.
The price is finally breaking out of this pattern and heading higher. But for how long can we expect this bullish rally to last and can Ethereum break through the $4,400 key resistance to make new highs?
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Ethereum Converging Triangle Pattern!
The Ethereum converging pattern paints a clear picture of bullish accumulation in the ETH. However, this price break out indicates the accumulation phase is completed and we can expect to see the ETH price rally higher in the coming days.
But for this bullish prediction to remain valid, the Ethereum price must continue trading above that converging pattern in the 15 minutes timeframe. With the pattern resistance serving as new support for the Ethereum price.
Ethereum Bullish Target
The first target we are watching is the Ethereum ATH at $4,400. There is a very high probability that we might see Ethereum rally to this key resistance in the coming days. But the big question is can this bullish rally be enough to break through it?
A price break and close above this $4,400 ATH resistance could push Ethereum into new highs in the coming days. But until that happens, we might see Ethereum rally to this key level soon before encountering resistance.
Final Verdict!
The Ethereum bulls are currently pushing the price higher, and the bullish price target we are watching is the $4,400 ATHs. But for this bullish prediction to remain valid, the Ethereum price must continue to trade above that converging triangle pattern in the 15 minutes timeframe.
A price break back below into this pattern invalidates this bullish prediction and only points to more sideways trading in the coming days.
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