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For weeks now, we have been tracking the Triangle Pattern that has been forming in the Ethereum 4-hour timeframe. This triangle pattern is a bullish indicator that signifies that we might still see a price rally to the $1,848 price region in the coming days.
This $1,848 target is the standard target for the Triangle Pattern and we talked in depth about it in a previous TA ETH Price Exploding! Rally To $1,848 Next?
However, since making that bullish prediction on Ethereum, the Altcoin bulls have been struggling to break through major resistance. And for the past few days, we have seen the ETH price try to break through this $1,690 key resistance over and over again and failed! But this does not mean the bullish rally is over.
In this ETH analysis, we will be breaking down why this bullish Triangle Pattern is still valid and why we still believe the ETH price might rally higher in the coming days.
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ETH Triangle Pattern Still Valid!
The image above is what a completed Triangle Pattern should look like. This is the same kind of price action we are expecting to see in the Ethereum 4-hour price chart in the coming days.
The problem with that is Ethereum needs to break through the $1,690 key resistance for this bullish prediction to play out exactly! And for now, Ethereum is still struggling to make this bullish breakout in price.
So for now, w are keeping a close eye on this level and anticipating a bullish breakout soon! Once this $1,690 key level gives way, there is a very high probability that we might see buying volume increase for Ethereum pushing the Altcoin higher very fast.
What Is Ethereum Doing Right Now?
If you compare the Example image above of what a typical triangle pattern looks like and the current price action on the Ethereum 4-hour timeframe, we can clearly see a “Bullish Breakout and a Pull Back” currently playing out.
We believe once this pullback is over, there is a very high probability that the ETH rally will resume and gradually take us to our $1,848 bullish target.
So for now, we are still bullish on the Ethereum price and will remain bullish on the Altcoin as far as this 4-hour Triangle Pattern remains valid.
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