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In our previous Ethereum analysis Ethereum Head and Shoulder Pattern Playing Out Exactly! Price Close To Bearish Target. we talked about the key Converging Triangle Pattern that was currently forming on the 15 minutes timeframe.
This pattern was forming just after the larger Head and Shoulder Pattern on the 1-hour timeframe, which led us to suspect the Converging triangle pattern might actually break out to the downside.
A bearish breakdown like this would push Ethereum’s price lower to our overall $2,791 price target for this current move lower for Ethereum.
Well as we speak, the Ethereum price is breaking down right now! In this Ethereum analysis, we will be talking about the key levels the ETH price must stay below for this bearish move to continue.
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Ethereum Breaking Down Right Now! Watch This Level
The Ethereum price just broke down below the key support for the converging triangle pattern on the 15 minutes timeframe. This breakdown points to a very high probability for the ETH price to continue lower.
But for this bearish prediction to remain valid, the ETH price must remain below the $2,937 previous highs.
This means throughout this journey lower, we can see price pull back up into the triangle pattern before resuming its movement lower, but on no occasion should the price get to or break through the $2,937 price level.
Understanding this rule means, we can use that $2,937 price spot as a perfect place to put our stop loss in a situation price invalidates this bearish pattern.
Final Verdict!
The Ethereum converging triangle is breaking down right now! But for that bearish prediction to remain valid and for the price to continue going lower, Ethereum must continue to trade below the $2,937 key resistance on the 15 minutes timeframe.
As far as the price continues to stay below this key resistance, there is a very high probability that our bearish target of $2,971 price level will get smashed in the coming days.
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