Table of Contents
After selling off massively all through last week, the Ethereum bearish trend has finally hit a pocket of support in the 15 minutes timeframe. This support region has seen an influx of buyers coming into the market to stop the coin from bleeding further to the downside. But will it be enough?
What we are witnessing play out in real-time on the Ethereum 15 minutes timeframe is a battle between the bulls and the bears to see who will win control of the ETH market for this week.
This battle is already forming a distinct pattern we can clearly identify in the 15 minutes timeframe. In this Ethereum analysis, will be breaking down this Channel Pattern, what it means for Ethereum, and the possible price scenarios we can expect in the coming days.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $4,450 Bonus and up to 30 days of 0% Maker fee when you sign-up and fund your Bybit account with our Bybit link
Ethereum In A Ranging Market
The Ethereum price is currently in a ranging market. And this ranging market/sideways trading is what is currently forming this Channel Pattern playing out in the 15 minutes timeframe.
This pattern offers us key support and resistance levels to watch for and in the coming days, we will be expecting to see the ETH price either break above or below this key pattern.
Whatever direction the Ethereum price decides to break has a higher likelihood of being the direction the ETH trend will take for the rest of this week.
Possible Price Scenarios For Ethereum
There are two possible price scenarios available for the Ethereum price to take. A break out to the upside and a bullish pump up or a breakdown below the channel pattern and a bearish continuation lower.
In the coming days, we will be keeping a close eye on this Channel pattern currently playing out in the 15 minutes to see what direction the Ethereum price will decide to break out to.
But for now, we will stand aside and wait for the Ethereum-ranging market to continue developing.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
