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The Ethereum price has been selling off massively for days now, crashing more than 30% from its ATHs! But is this sell-off over?
Right now the ETH price is getting ready to make a massive move soon! And the key pattern we are watching closely is the Converging Triangle Pattern currently forming on the 1-hour timeframe.
This pattern is of high quality and it offers us key levels to watch and price targets to aim for in the coming days.
In this Ethereum analysis, we will be breaking down this converging triangle pattern and what it actually means for the ETH price.
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Ethereum Converging Triangle Pattern!
Ethereum is currently forming a converging triangle pattern on the 1-hour timeframe. This pattern offers us key levels to watch out for and a price break out of this pattern can go in either direction.
Below, we will be talking about the price outlook for both the bullish and bearish price scenarios.
ETH Bullish BreakOut
For the ETH bullish breakout, we want to see the Altcoin price breakthrough and close above the resistance channel of the converging triangle pattern.
A bullish breakout like this is all we need to confirm a bullish reversal for Ethereum and the end of the current sell-off for the meantime.
Ethereum Bearish BreakDown
For the Ethereum bearish breakdown, we want to see the ETH price breakthrough and continue selling below the converging triangle pattern.
A breakdown like this would likely be followed by a sharp sell-off to the downside that will only last for a bit before we can expect to see the ETH price encounter support again.
Final Verdict!
Ethereum is getting ready to make a move soon either to the upside or the downside. Whichever way it decides to go, we can take advantage of this coming move with the help of the converging triangle pattern currently playing out on the 1-hour timeframe.
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