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The Ethereum triangle breakdown is playing out exactly as predicted in our previous analysis Ethereum Just Broke Below This Key Support! Sell Now?
Right now, the Altcoin price is down more than -7% and is currently forming a new pattern in the 15 minutes timeframe. The new pattern being formed is an Expanding Channel Pattern and in this ETH analysis, we will be breaking down what this pattern means for the Ethereum bears, the key levels we are currently watching as well as the possible price scenarios to expect.
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Ethereum Expanding Channel Pattern
The Expanding Channel pattern is a key pattern used by professionals to track a ranging market and better understand the structures it is forming. Once this pattern is completed, we expect to see the asset begin to trend again either to the upside or downside.
For Ethereum, that ranging market is still far from over as we see the Altcoin price currently trading within this Expanding Channel pattern forming in the 15 minutes timeframe.
And until the price completes this sideways range, we expect to see the Altcoin continue to bounce in between these two channels that make up the pattern.
What Next For Ethereum?
Well, right now we are waiting to see Ethereum complete the ranging phase and then break out of the expending channel pattern in the 15 minutes timeframe.
How price breaks out from this key pattern will be the deciding factor as to what direction we expect the Ethereum trend to take.
If Ethereum breaks to the downside, there is a very high probability that we might see the Ethereum sell-off continue in the coming days. However, if the price breaks to the upside, we might just see a price bounce and reversal in the coming days.
But for now, we still don’t know what direction Ethereum wants to take so we stand aside and wait for our confirmations.
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