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In our previous Ethereum analysis, ETH Pull Back Playing Out As Predicted! Is The Sell-Off Over? we talked about the ETH bearish scenario and the possibility for us to see a quick sell-off in the Ethereum price back down to the $1,608 key region in the 1-hour timeframe.
Well since publishing that TA, the Ethereum price has failed to make any substantial move, making us worry that the bulls might still be fighting to hold on to the control of this market.
In this Ethereum analysis, we will be breaking down the new pattern we are currently watching as well as what it might mean for the ETH price in the coming days.
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Ethereum Setting Up For A Massive Move Soon!
All through the day, the Ethereum price has bearly made any move in any direction. Instead, we have seen the Altcoin range and continue to look undecided as of yet.
This ranging market has formed a triangle pattern in the 1-hour timeframe and we might be getting ready to break out in the coming days.
The direction this Triangle Pattern will breakout to is still unknown as of yet, but we will be keeping a close eye on it as it develops.
What Should We Expect in The Coming Days?
For now, we will be keeping a close eye on the Triangle Pattern and waiting for a price breakout in the 1-hour timeframe.
Whatever direction the Ethereum price decides to break out, we expect to see a sharp move in that direction as more buyers/sellers step into the market.
The most important thing to do as a trader right now is to wait for that breakout confirmation before jumping into any trades.
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