Table of Contents
We have been tracking the Triangle Pattern playing out in the Ethereum 4-hour timeframe. This pattern is very unique because it helps us understand the next few price movement of an asset.
However, ever since breaking down, we have seen the Ethereum price gradually move back up back into the pattern and right now, the Ethereum price is testing the invalidation level of $1,233.
For this Bearish triangle pattern and our bearish bias on Ethereum to remain valid, we need to see the Altcoin price respect this key resistance and continue to trade below this $1,233 price level.
In this Ethereum analysis, we will be talking about why this $1,233 price level is important and what could happen to the Ethereum price if it does break through it.
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Ethereum Invalidation Level!
The Ethereum price is currently testing the invalidation level for the Triangle pattern. If the Altcoin price breaks through this $1,233 key resistance, our bearish bias on Ethereum becomes nullified.
This means there is now a higher probability for Ethereum to just bounce on that previous resistance now turned support and continue to push higher in the coming days.
So the question traders will be asking in the coming days is can this 4-hour resistance hold the ETH price back or will the bulls just push past it?
Final Verdict!
The Ethereum price is currently testing a critical level in the 4-hour timeframe. How the Altcoin reacts to this $1,233 resistance will impact the direction of the trend for the coming days.
So for now, we will be keeping a close eye on this 4-hour price level and waiting for what price might be ready to do next.
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