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In our previous Ethereum analysis Ethereum Testing This Key Support! Can It Hold? we warned our readers that the Ethereum price was getting ready to make a massive move out of the Triangle pattern it has been trading in for the past few weeks.
This 15 minutes triangle pattern gave us a better idea of what the Ethereum price was doing, and how to trade the next few moves that the Altcoin might make.
In this Ethereum analysis, we will be talking about the bearish target for this Triangle pattern as well as the key levels we are currently watching right now!
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Ethereum Bearish Target!
The pattern we are still tracking on the Ethereum 15 minutes timeframe is the Triangle Bearish Break down! The Ethereum price is currently pushing lower and we believe this sell-off might not be over just yet!
The standard target for the Ethereum triangle pattern is the $979 price level. There is a very high probability that we might see the Ethereum price sell-off to this price target before we see any major bounce in the Altcoin.
This is a potential -11% dump in the Altcoin value, so we will be keeping a close eye on it as it develops in the coming days.
Ethereum Key Levels To Watch!
The most important key level for this bearish prediction is the $1,235 previous highs in the 15 minutes timeframe.
For this bearish prediction and this triangle pattern in Ethereum to remain valid, the Altcoin price must continue to trade below the $1,235 price level.
A break above this price level signifies a change in structure and a possible end to the Ethereum sell-off we are currently witnessing.
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