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The Ethereum market has been dead all week, with the price bearly moving an inch in any direction. We believe this low volatility in Ethereum is because the ETH price is currently building up momentum for a massive move soon!
In this Ethereum analysis, we will be breaking down the Key Triangle Pattern Forming Right Now in the 1-hour timeframe and how this pattern can help us get ready for the massive price move about to occur.
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ETH Setting Up For A Massive Move Soon!
The Triangle Pattern always precedes a massive move in prices either to the upside or downside! And we believe this Triangle Pattern currently forming in the ETH 1-hour timeframe is a great indicator that such a move is about to happen soon!
However, the only problem is we do not know for sure what direction this breakout move will take. So it is a great idea to stand aside and wait for the ETH price to make a move first before jumping into any trades.
What Is The Highest Probability Direction For This Breakout?
Triangle Patterns most of the time work very well as a Continuation Pattern. For Ethereum that would mean the end of the consolidation phase and a breakout to the upside in the coming days like the image above.
This is the highest probability breakout we believe might play out! However, it is still not yet confirmed. For this bullish prediction to be confirmed, we need to see the ETH bulls push the price above the Triangle Pattern in the 1-hour timeframe.
A bullish breakout from the Triangle Pattern like this could indicate the start of the move higher and the possibility for us to see Ethereum rally to the $2,059 price region in the coming days!
But this bullish breakout is still yet to happen and there is a possibility for us to see a sell-off instead. So for now, we stand aside and wait for that bullish confirmation in price.
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