Table of Contents
In our previous Ethereum analysis Ethereum Ready To Explode! Watch This Converging Triangle Pattern! we talked about the converging triangle currently forming on the 1-hour timeframe.
Well, the Ethereum price is finally breaking out of that key pattern and heading higher. In this ETH analysis, we will be talking about our bullish targets and the key levels to watch for in the coming days.
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Ethereum Bigger Picture!
To better understand our bullish target for the Ethereum converging triangle breakout currently playing out on the 1-hour timeframe, we will need to take a look at the larger pattern Ethereum is forming on the 4-hour timeframe.
Right now, this converging triangle pattern is all playing out within a larger flag pattern that is currently developing on the Ethereum 4-hour timeframe.
And for a flag pattern, we will need to see the price range a bit between the two channels before finally breaking out. Ethereum is still in the ranging stage.
What Does This Mean For Ethereum?
This means there is a very high probability that we might see Ethereum surge more than 17% in value soon and the bullish breakout we just saw occur on the 1-hour timeframe, is the bullish confirmation we need to confirm that the rally has started.
This makes the top channel of this flag pattern our bullish target for this current breakout we are seeing happen on the 1-hour timeframe. This would likely push the ETH price towards the $4,668 price region.
Key Support To Watch!
This bullish prediction can only remain valid if Ethereum can respect and continue to trade above the support channel of this flag pattern. This support has held the ETH price up on numerous occasions and might continue to do so in the coming days.
Making it very important for the bulls to defend this key region at all costs. A break below it could invalidate our bullish bias and point to more sell-off.
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