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In our previous Ethereum analysis Why Is Ethereum Ranging So Much? Watch This Key Pattern Forming Right Now!, we identified a key Triangle Pattern that was forming in the 15-minutes timeframe.
We warned our readers of the bearish indication this pattern forming now might mean for the ETH price in the coming days. We also idnetifed the $1,836 price level as the key resistance the bears must defend if they want to see this ETH sell-off play out.
In this ETH analysis, we will be breaking down the likely bearish target for this Triangle Pattern and what bearish confirmation we are waiting to see play out.
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ETH Triangle Pattern
The Ethereum price is still very bearish right now, and we will continue to expect more selling pressure to come into the market as far as the $1,836 key resistance continues to hold.
If the ETH bears can continue to defend this $1,836 key resistance, there is a very high probability that we might see this Bearish Triangle Pattern Play out in the coming days.
A price sell-off like this could easily push the Altcoin into the $1,686 price regions. This is a potential -5% dump in the value of Ethereum.
What Now?
Right now, we are waiting for our bearish confirmation to signify the start of the Triangle Pattern sell-off. And that confirmation requires the ETH price to break and close the support channel of the Triangle Pattern in the 15-minutes timeframe.
We have seen this support channel serve as a key support region for the bulls in the past. The question now is can the bears finally breakthrough and resume the trend lower.
So in the coming days, we will be watching this region closesly to see if we finally get that breakdown in price.
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