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The image above is the exact Ethereum pattern we have been tracking for days. The Altcoin price did break out exactly as we predicted but after the breakout, the bullish volume in Ethereum totally disappeared!
The image below is what that pattern now looks like, with the Ethereum price failing to rally higher. Instead, we have seen the Altcoin range, and trade sideways day after day.
This sideways sideways trading has led us to believe there might be a larger pattern in play right now in the Ethereum price chart. And in this ETH analysis, we will be exploring this possibility and breaking down exactly what we are seeing develop in the ETH 15 minutes timeframe.
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Ethereum Bigger Picture.
The bigger picture we believe might be developing for Ethereum is a massive Triangle Pattern that is currently forming in the 15 minutes timeframe.
This bigger pattern indicates that the ranging market might not be over yet and we need to see the Altcoin price breakout of this bigger Triangle pattern before we see any substantial volume re-enter the market.
However, the question traders are asking now is what direction will this new ETH price breakout take in the coming days?
Should we be expecting a much larger break to the upside or will the Ethereum bears take control and push the Altcoin price lower?
Final Verdict!
We believe Ethereum might still be in the indecision phase right now! However, the key level we are still watching is the $1,170 key support in the 15 minutes timeframe.
We have been talking about this 15 minutes key support for so long and we still believe for the Ethereum bulls to have the possibility of regaining control of the market and pushing the Altcoin price higher, we need to see this key $1,170 key support continue to hold.
So for now, we stand aside and wait to see the exact direction Ethereum would want to take in the coming days.
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