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In our previous Ethereum analysis Ethereum Building Momentum For A Massive Move Soon! Watch This Key Pattern we talked about the Triangle Pattern currently playing out in the 1-hour timeframe, what it means for the ETH price, and what we expect to happen in the coming days.
Well, that Traingle Pattern just completed and the price has finally broken out of it and is trending to the downside. This bearish breakout means we might see the Altcoin price continue to sell-off for a bit in the coming days.
In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as the bearish target for this Ethereum breakdown.
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Ethereum Bearish Prediction!
By breaking out of the traingle pattern to the downside, the Ethereum price just indicated that the bears are in full control of the market right now.
This bearish breakdown has a standard target associated with traingle patterns. And for Ethereum that bearish target is the $1,538 price level. This is a potential -10% dump in the value of Ethereum and we expect to see this play out soon!
Key Levels To Watch
This bearish prediction in Ethereum will remain valid as far as the Altcoin continues to trade below the previous highs of $1,756.
A price break above this $1,756 key level invalidates this Triangle Pattern in the 1-hour timeframe and indicates the end of the possible sell-off in Ethereum.
Final Verdict!
The Ethereum price is currently selling off after the Altcoin price broke out of a traingle pattern in the 1-hour timeframe. This bearish breakdown comes with its own target at $1,538 and in the coming days we expect to see the Ethereum price continue to trend lower to this price region.
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