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In our previous Ethereum analysis Decision Time For Ethereum. Break Up Or Break Down? we warned our readers of the current bullish slowdown playing out in the ETH 15 minutes timeframe.
We also warned of the possibility of a final surge for Ethereum before the price retracement starts. Why we made this warning was because of the previous price movement in Ethereum.
The last time we saw a mini channel like this form, the Ethereum price broke below the pattern before accelerating higher again! And we believe that might be the case again in the coming days.
We can already see the price squeeze happening and this price squeeze is forming an Ending Diagonal pattern in the 15 minutes timeframe.
In this Ethereum analysis, we will be breaking down what this Ending Diagonal pattern means as well as what key levels we are currently watching in the 15 minutes timeframe.
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Ethereum Ending Diagonal Pattern
We believe there is a very high probability that we might see one last surge to the upside for Ethereum before the ETH price sells off in the coming days.
The key pattern supporting this bullish move higher is the Ending Diagonal Pattern currently playing out in the 15 minutes timeframe.
This pattern indicates a possible breakout in the coming days. This bullish breakout could take us to new highs before topping out and reversing. So for now, we are keeping a close eye on this pattern to see how it develops.
Key Levels To Watch!
The bullish confirmation for this pattern is a price breakthrough and close above the $1,598 key level in the 15 minutes timeframe.
A price break above this key resistance could see the Ethereum price easily surging to new highs in the coming days.
So for now, we will be keeping a close eye on this $1,598 price resistance to see how Ethereum reacts to it.
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