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In our previous Ethereum analysis, Why Has Ethereum Been Ranging So Much? Get Ready! we identified a key Triangle Pattern playing out in the Ethereum 15 minutes timeframe.
This pattern was helping us better understand why Ethereum has been ranging so much the past few days.
Well, that Triangle Pattern is still being respected by the price, and today we saw a massive push-up in Ethereum from that Triangle Support in the 15 minutes timeframe.
In this Ethereum analysis, we will be breaking down what this push means and what we can expect in the coming days.
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What Next For Ethereum
Ethereum is still trading within the triangle pattern, so this price push-up in no way indicates the start of a new bull run for the Altcoin. What we do expect to happen in the coming days is to see the ETH price rally back up to the top channel of the Triangle Pattern.
Once the price gets to this resistance level, we can then expect to see a larger breakout or a pushback down by the sellers.
Final Verdict!
The Ethereum price is bullish for the short term! However, the Altcoin price is currently trading within a key triangle pattern in the 15 minutes timeframe. And as far as this pattern continues to hold, we might just see the Ethereum price rally a bit before selling back down in the coming.
The key level we are expecting to see this Ethereum price rally to is the resistance channel of the Triangle pattern. We have seen this 15 minutes resistance hold over and over again in the past.
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