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In our previous Ethereum analysis Ethereum Price Ranging So Much! Is There A Bigger Picture In Play? we identified a key triangle pattern that is currently forming in the ETH 15 minutes timeframe.
Since publishing that TA, we have seen the Ethereum price gradually continue to trade toward the Apex point of the pattern. And once the price gets to this Apex point the pressure from the compression of the Ethereum price will be too much forcing the Altcoin to break out either to the upside or downside.
The image below is what that breakout could look like in the coming days. In this Ethereum analysis, we will be talking about the price scenarios for both a bullish and a bearish breakout. This way you can be ready to advantage of the price no matter where it breakouts to!
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Ethereum Bullish Price Scenario!
For the Ethereum bullish price scenario, we want to see the Altcoin price breakout of the triangle pattern to the upside.
A bullish breakout like this is what we need to confirm the start of the bullish rally higher for Ethereum. This rally could easily see the ETH price pushing back up to the $1,400 price region in the coming days.
This bullish breakout is still yet to happen, so we stand aside and continue to wait for this bullish confirmation to play out!
Ethereum Bearish Price Scenario!
For the Ethereum bearish price scenario, we want to see Ethereum break and close below the Triangle pattern. A price break below this $1,170 key support could be the start of the push much lower for Ethereum.
This key support is still holding strong for now, so the question is can the bulls continue to defend it or will it fail in the coming days?
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