In our Ethereum previous analysis Ethereum Price Ranging In This Key Region! Watch These Levels, we talked about the $4,000 to $4,400 key zone on the Ethereum 4-hour timeframe. As far as the ETH price continues to trade within this key zone, there is a very high probability that we might see the Altcoin price continue to range and trade sideways!
And right now, we have a perfect way of predicting when this ranging market might just end for the Ethereum price. Because right now, Ethereum is forming a converging triangle pattern in this 4-hour key zone!
In this Ethereum analysis, we will be talking about this converging triangle pattern and what it actually means for the Ethereum price in the coming days.
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Ethereum Converging Triangle Pattern!
The converging triangle pattern is a high quality pattern that forms when ever a market is in a ranging trend. This pattern offers us key levels to watch as well as a potential breakout region to watch for.
The Ethereum converging traingle pattern can be clearly seen on the 15 minutes timeframe. Right now, Ethereum is still bouncing within the pattern indicating that the ranging market for ETH is still far from over!
What Next For Ethereum!
We still expect to see the Ethereum price still range and trade sideways for a bit longer before finally breaking out to the upside or downside in the coming days.
Until we see a price breakout and close above/below this converging triangle pattern, we can savely say that we might see the Ethereum price continue to range for the days to come.
Next Key Level To Watch For Ethereum!
The next key level we are watching for the Ethereum price is the base of the converging traingle pattern. We expect to see the Altcoin price continue to sell-off back down to this support channel in the coming days.
This is about a 3% dump in price and might play out very soon! Once price gets to this level, we expec to see see that base channel server as a strong support stoping the Ethereum sell-off and potentially reversing the prices higher.
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