Table of Contents
For weeks now, we have been tracking the formation of an Ending Diagonal pattern in the Ethereum 1-hour timeframe. This pattern is now completed, and we believe sooner or later we can expect a price breakout.
In this Ethereum analysis, we will be breaking down this Ending Diagonal Pattern and talking about why we believe the ETH price has a higher probability of breaking to the downside.
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 Ending Diagonal Pattern
The Ending Diagonal Pattern is a reversal pattern used by professional traders to time the market. The image above is a typical example of what a completed Ending Diagonal Pattern looks like.
This unique pattern forms during price reversals and when we are about to experience a trend change. For Ethereum, this trend change would bring about an end to the ETH bullish rally that has lasted for several months now.
The image below shows us the Ending Diagonal pattern on the Ethereum 1-hour chart, as well as the potential bearish scenario to watch out for if the Ethereum price does end up selling off in the coming days.
What Now for Ethereum?
The Ending Diagonal Pattern might be a perfect indicator pointing to a potential sell-off soon. However, the ETH price is still yet to confirm this bearish bias.
So in the coming days, we will stand aside and wait to see bearish momentum begin to re-enter the market and push the ETH price lower.
Once this bearish pressure begins to come back into the market, we can then start looking for potential selling opportunities to take advantage of.
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
