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The Ethereum price has been trading sideways ever since the Altcoin broke above the $4,000 key level in the 4-hour timeframe. This price consolidation is very normal and it usually happens after price breaks through key levels.
But that sideways movement by over soon for Ethereum. Right now the Ethereum price is forming a key converging triangle pattern in the 15 minutes timeframe.
If this pattern plays out, there is a very high probability that we might see a price breakout either to the upside or downside in the coming days.
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Ethereum Converging Triangle Pattern!
The converging triangle pattern is a high-quality pattern that offers us key levels to watch for. And right now, the Ethereum price is trading within those key levels in the 15 minutes timeframe, getting ready to finally break out soon!
Ethereum Bullish Breakout!
For the Ethereum bullish breakout, we want to see the Altcoin price breakthrough and close above the resistance channel of the triangle pattern.
A price break and close above this 15 minutes timeframe is the bullish confirmation we need to indicate that the Ethereum ranging market is finally over and the bullish run higher has resumed.
Ethereum Bearish Breakdown!
If Ethereum fails to break above the triangle resistance level, the next option might be a price sell-off. And the level we are watching is the base channel of the converging triangle pattern.
We can see this level as held the price higher on numerous occasions and might continue to do so. But if Ethereum breaks below it, there is a very high probability that the Altcoin price might sell off steeply in the coming days.
Final Verdict!
The Ethereum price is getting ready to make a massive move, the direction that move would be is totally dependent on how the Ethereum price breaks out of the converging triangle pattern in the 15 minutes timeframe.
But until that breakout finally occurs, we can expect to see the Ethereum price continue to trade sideways within the converging triangle pattern.
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