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All through last week, we saw the Ethereum price test and try to break through the $1,304 key resistance level in the 1-hour timeframe. But all these attempts failed, leading us to believe there is a very high probability for us to see a sell-off from this region in the coming days.
For the full breakdown of this bearish prediction, check out our previous Ethereum analysis ETH Key Level Holding As Predicted! What Now?
However, with the new developments in the Ethereum price chart, we now believe there is a very high probability for us to see one last move up in Ethereum before this much larger ETH sell-off starts.
In this Ethereum analysis, we will be breaking down the new Triangle Pattern currently forming in the 1-hour timeframe and the key levels we are currently watching.
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ETH New Triangle Pattern
After ranging and trading sideways almost all through the weekend, the Ethereum price is currently forming a Triangle Pattern in the 1-hour timeframe.
A breakout of this Triangle Pattern could either push the ETH prices higher or lower in the coming days. This makes this pattern very important and one we should keep an eye out for as we enter into a new Trading week.
Trading Triangle Patterns
Price can break out of the Triangle pattern either to the upside or downside.
For an upside breakout, we might see Ethereum make one last push to the upside before facing major resistance in the coming days. This push can easily push back up to the $1,304 resistance level or even a bit higher before it begins falling back lower in the coming days.
What that price action might look like for Ethereum is the image below.
Final Verdict!
We are still bearish on Ethereum and believe the Altcoin price might begin to push lower sooner or later.
However, right now we are seeing a triangle pattern form in the 1-hour timeframe. This pattern indicates there might be one last small pump-up for the Ethereum price before this Altcoin sell-off really starts.
So in the coming days, we will be keeping a close eye on this Pattern to see how it develops.
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