We have been tracking the Ethereum price for a while now ever since the Altcoin price formed and broke out of a flag pattern in the 15 minutes timeframe. This bullish prediction has been playing out perfectly. However, our $5k bullish target is yet to be smashed!
And right now, the Ethereum price is forming a key converging pattern at a critical level in the 15 minutes timeframe. This $4,469 price region has served as strong support all through the week and might continue to do so in the coming days, giving us that final push we need to get to our $5k price target.
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Ethereum Converging Pattern!
Ethereum is currently forming a converging pattern in the 15 minutes timeframe. And while it is a pattern that could breakout either to the upside or downside, it is strategically playing out at the $4,469 key support in the 15 minutes timeframe.
This technical confluence on the Ethereum price chart increases the potential for us to see a price breakout to the upside in the coming days. But the confirmation we need to indicate the start of this Ethereum buying is a price breakout above the resistance channel of this 15 minutes converging pattern.
A price breakout like this is the perfect signal we need to confirm the resumption of the Ethereum bullish trend and a likely rally towards our $5k price target in the coming days.
Key Levels To Watch!
The most important key levels to watch would be the $4,469 horizontal support and the base channel of the 15 minutes converging pattern. For this bullish prediction to remain valid, the Ethereum price must continue to trade above these two key levels.
A break below it could signal a price breakdown and a potential crash in the coming days. This makes it very important for the bulls to hold on to these levels if they want this bull run to continue.
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