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For weeks now we have been tracking the Ethereum Triangle Pattern forming in the 15 minutes timeframe. The image above is what the pattern looked like last week!
We can clearly see the channels of the Triangle Pattern get respected over and over again. However, the image below is what that pattern looks like today.
The price broke to the downside, bounced on key support, and is currently testing the Triangle Previous support Channel as new resistance.
The question now is will this new resistance hold? In this Ethereum analysis, we will be breaking down what a bearish scenario for Ethereum might look like and the key levels to keep a close eye on in the coming days.
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Ethereum Testing This Key Resistance
For the Ethereum bulls to push prices higher, the Altcoin price must break through and close above this key channel resistance area it is currently testing in the 15 minutes timeframe.
If this level continues to hold, there is a very high probability that we might see Ethereum resume its move lower in the coming days. This would serve as a bearish break and retest before more selling pressure comes in.
Bearish Price Prediction!
We believe the Ethereum sell-off might not be over yet. However, for this bearish prediction to become confirmed and valid, we need to see the Altcoin price break below the $1,260 support in the 15 minutes timeframe.
Once the price breaks below this $1,260 support region, there is a very high probability that Ethereum might collapse up to -14% in the next couple of days.
The question now is will the bears hold on to this new channel resistance or can buyers take it out and continue pushing Ethereum higher? We will be keeping a close eye on this price development as the week goes by.
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