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For weeks now we have been tracking the Ethereum Triangle Pattern currently forming in the 15 minutes timeframe. This pattern is nearly completed! We are just waiting for volume to come into the market and push prices in a direction.
In this Ethereum analysis, we will be breaking down the most important key support the Ethereum bulls must defend if they want the ETH short term trend to be bullish.
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The Most Important Support For Ethereum
The most important support for Ethereum right now is the $1,260 key support zone in the 15 minutes timeframe.
We have seen the ETH bulls defend this key level aggressively in the past. But can they do that again in the coming days.
Note: As far as the ETH bulls hold on to this $1,260 key support, there is a very high probability that we might just see a price bounce from this key region as the bulls push the Altcoin back up.
What Happens If Ethereum Breaks Through It
If the Ethereum bulls fail to defend this $1,260 key support zone, there is a very high probability that we might just see the Altcoin price begin to sell-off aggressively in the coming days.
This sell-off will be the Ethereum Triangle Pattern breaking to the downside.
And a breakdown like this could see us selling off to the $1,112 price level in the coming days. A pontential -14% dump in the value of Ethereum.
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