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In our previous Ethereum analysis, This Key Pattern Is Still Playing Out On Ethereum! What Next? we identified the key Triangle Pattern currently forming in the 15 minutes timeframe, as well as the key level we might see the ETH bulls push the price to before facing any steep resistance.
Well, that bullish prediction is playing out exactly! And in the coming days, the Ethereum price will be testing major resistance in the 15 minutes timeframe. Can the price break through or should we expect a sell-off?
In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as the possible price scenarios we can expect to see in the coming days.
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Ethereum Triangle Pattern
The Ethereum price is still trading within this Triangle Pattern in the 15 minutes timeframe. And sooner or later we expect to see the Altcoin price break through this key pattern.
However, is it time for us to see that breakout begin? For that to happen, we need to see the ETH price break and close above the resistance channel of the triangle pattern.
Until a bullish breakout like this occurs, we just see the Ethereum bears come back into the market and defend that level in the coming days.
What Happens If Ethereum Fails To BreakThrough?
If the Ethereum price fails to break through this resistance channel of the Triangle Pattern, we just see the ETH price begin to sell back down from this region in the coming days.
We have seen this kind of price action play out on Ethereum over and over again these past few weeks.
Final Verdict!
The Ethereum price is gradually approaching a very critical level in the 15 minutes timeframe. And how the ALtcoin reacts to this level will have a direct effect on the trend direction for ETH in the short term.
The key pattern we are watching is Triangle Pattern currently playing out in the 15 minutes timeframe. Will price breakthrough it or should we expect to see a sell-off soon!
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