Table of Contents
The Ethereum 15 minutes converging triangle pattern is playing out exactly as we predicted Ethereum Prediction Playing Out Exactly! Price Ready To Explode? with the price of the Altcoin pushing higher as we speak.
In this Ethereum analysis, we will be talking about the key support levels the bulls need to respect in order for this rally to remain valid, as well as the bullish target we are aiming for in the coming days.
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Ethereum Bullish Rally!
The Ethereum price is getting ready to explode! The key level we are watching for confirmation to this coming rally is a price break above the resistance channel of the converging triangle pattern currently playing out in the 15 minutes timeframe.
This key level has held the ETH price on numerous occasions and needs to be broken to confirm the start of the Ethereum bullish rally.
Our bullish target is the $5k price regions! There is a very high probability that Ethereum might rally to these regions or even higher soon!
Key Support To Watch For
The key support to watch for is that wave E leg of the converging triangle pattern! We do not want to see the Ethereum price trade below this $4,517 price region.
A price break below this $4,517 price region invalidates this bullish pattern and points to a likely sell-off in Ethreum in the coming days!
Final Verdict!
The Ethereum price is getting ready to explode but first, it needs to break through and close above the resistance channel of the converging triangle pattern!
This resistance channel is the final key level the Ethereum bulls need to pass through for the bullish rally to resume. And until this level is broken, there is a high chance for Ethereum to keep on trading sideways.
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