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For days now, we have been tracking the ETH bearish flag pattern forming in the 15-minute timeframe, and calling for a potential sell-off in prices in the coming days.
But since then, this bearish prediction has failed to play out as the Ethereum price continues to face massive buying pressure causing the market to range.
In this Ethereum analysis, we will be breaking down the new Coverging pattern forming from this price range and how it would help us understand what the ETH market is about to do.
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ETH Triangle Pattern
The ETH sideways market has been forming what looks like a Triangle Pattern in the 15-minute timeframe.
We still have our $1,836 key resistance on the price chart and we believe this key level is still very valid and the ETH bears must continue to defend it if we want to see Ethereum sell-off in the coming days.
For a full breakdown of why this $1,836 key resistance is so important, check out our previous TA; ETH Bulls Fighting Back! Can This Resistance Continue To Hold?
What Now For Ethereum?
For now, we are still very bearish on Ethereum and believe that the bearish sell-off will resume sooner or later.
But for this bearish sell-off to resume, we need to see the price break below the Triangle Pattern forming in the 15-minute timeframe.
A bearish breakdown like this is the best indication we need to confirm the resumption of the ETH price sell-off.
However, this breakdown is still yet to happen, and that means the Ethereum price might still be in the ranging phase. However, we will be keeping a close eye on this Triangle Pattern as it develops.
Final Verdict!
We are still very bearish on Ethereum. Right now, we are watching a Triangle Pattern form, once completed we expect to see the ETH sell-off begin.
Our invalidation point for this bearish bias/prediction in Ethereum is still the $1,836 key resistance in the 15-minute timeframe.
If this resistance gets violated, this could mean the ETH price might rally higher instead.
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