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In our previous Ethereum analysis, Ethereum Is Building Up For A Massive Move Soon! Here Is Why? we warned our readers that the Ethereum price chart was currently in a range and jumping into any trade could see your account chopped up to pieces in the noise.
Well right now, a key pattern has begun to develop in the 15 minutes timeframe. And in this Ethereum analysis, we will be breaking down what this pattern is and what it could mean for the ETH price in the coming days.
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Ethereum Ascending Channel Pattern
Right now, the Ethereum price is trading within an Ascending Channel Pattern that is forming in the 15 minutes timeframe. This pattern is very important because it helps us better understand what exactly the ETH price is doing right now and what we can expect in the coming days.
This Ascending Channel Pattern also offers us key levels to watch out for. And the Ethereum price is currently heading to one of these levels.
We expect to see the Altcoin sell-off to this channel support in the coming days before bouncing and rallying higher as Ethereum continues to respect the Ascending Channel Pattern.
What Should We Be Expecting In The Coming Days?
There is a very high probability that we might just see Ethereum continue to trade within this Ascending Channel Pattern currently playing out in the 15 minutes for a while.
But once the pattern is fully developed, Ethereum will break out and begin to trend. What direction that trend will take is still yet uncertain. However, as time goes on, we expect the picture price is currently painting will get clearer.
But for now, we stand aside and continue to observe the price action.
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