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In our previous Ethereum analysis, This Ethereum Key Pattern Is Still Playing Out! we identified a bullish flag pattern that was playing out in the 15 minutes and also made a bullish forecast for the Ethereum price.
However, we warned our readers that the Ethereum price would have to first breakthrough and close above the $1,294 minor resistance before that bullish forecast can be considered valid.
The Ethereum price never broke above this $1,294 resistance, instead, we saw the Altcoin sell-off aggressively. Well, that price sell-off has formed a new pattern for Ethereum, and in this analysis, we will be breaking down what this pattern is and what it means for the Altcoin price in the coming days.
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Ethereum is Getting Ready To Explode!
The Ethereum price is right now in the 15 minutes timeframe forming a Converging Pattern. This pattern indicates that sooner or later the ETH price will be setting up for a massive breakout either to the upside or downside.
For a bullish breakout, we want to see the Ethereum price break and close above the $1,274 minor resistance in the 15 minutes timeframe.
A bullish breakout like this is the confirmation we need to confirm that the ranging market has ended and the short-term bullish breakout has started in the ETH price chart.
The Key Level To Watch!
The $1,274 minor resistance is the key level to keep in mind. As far as Ethereum fails to break and close above this mini-resistance, we will stand aside and wait for that bullish confirmation in price.
So for now, we continue to watch this converging pattern develop in the 15 minutes timeframe.
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