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In our previous Ethereum analysis ETH Breaking To The Down Side! Watch This Bearish Target. we talked about a possible retracement in the ETH price before the Ethereum rally continues.
Well, this bearish retracement is playing out exactly, and right now, we are seeing the Altcoin price form what looks like a Converging Pattern in the 4-hour timeframe.
In this Ethereum analysis, we will be breaking down what this pattern looks like right now and the key levels we are currently watching in the 4-hour timeframe.
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ETH Converging Triangle Pattern
The Ethereum price is currently forming what looks like a converging Triangle Pattern in the 4-hour timeframe. This pattern is a bullish continuation pattern and it clearly indicates that the ETH bullish rally is far from over.
This pattern is very important because it helps us better understand how the ETH price is currently retracing right now and gives us clear levels to watch for the price breakout to occur in the coming days.
The image below is what a completed Converging Triangle Pattern looks like. And in the coming days, we expect to see a similar price action play out in the Ethereum price.
Final Verdict!
We are currently still in the retracement phase for this ETH bullish rally currently playing out in the 4-hour timeframe.
Once this retracement is over, we expect to see the Altcoin resume its push higher. The key pattern we are currently watching is the ETH Converging Triangle Pattern playing out in the 4-hour timeframe.
This key pattern is still forming so we are keeping a close eye on it right now to see how it develops in the coming days.
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