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In our previous Ethereum analysis, Ethereum Sell-Off Continues! What Is Going On? ETH Merge we talked about the $1,406 major support and how the ETH bulls might use this key level to push the prices back up in the coming days.
Well right now, Ethereum is testing this $1,406 support and the question traders are asking is will it hold?
In this ETH analysis, we will be breaking down the key pattern currently forming at this $1,406 support level and what the ETH price must do to become bullish again!
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Ethereum Ending Diagonal Pattern
The ETH price is currently forming a key Ending Diagonal pattern in the 15 minutes timeframe. This pattern is very important for the bulls because it is located at the $1,406 major support we have been talking about!
If this Ending Diagonal Pattern plays out, this might be the perfect indication we need of a possible bullish rally in the coming days for Ethereum.
The image below is what a completed Ending Diagonal Pattern might look like. We want to see similar price action play out for Ethereum in the coming days.
What Ethereum Must Do To Become Bullish!
For our bullish bias in Ethereum to remain valid, we need to see the Altcoin break and close above the Ending Diagonal pattern in the 15 minutes timeframe.
A bullish breakout like this might be the perfect indicator we need to confirm the start of the Ethereum rally higher in the coming days.
So for now, we stand aside and keep a close eye on this pattern to see how the Ethereum bulls will react to it in the coming days. Will we see a bullish breakout or will the bears just keep pushing the Altcoin lower?
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