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In our previous Ethereum analysis ETH Bullish Rally Far From Over! Watch This Key Pattern forming Right Now! we talked about the converging triangle Pattern that was forming in the 4-hour timeframe and how this pattern could indicate a more bullish price rally in the coming days.
Well that converging Triangle Pattern is still playing out exactly as we predicted! In this ETH analysis, we will be breaking down the key levels we are currently watching and what the ETH price must do to resume the rally higher.
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ETH Key Level To Watch!
The most important key level to watch right now is the Descending Channel signified in the image above.
This Descending Channel is from the Converging Triangle Pattern and it offers us a key Channel resistance the ETH price must break through to confirm the start of the push higher for the Altcoin.
Right now, that channel resistance is still holding on strong in the 4-hour timeframe. And as far as the ETH price remains within this pattern, there is a very high probability that we might just continue to retrace within this key pattern.
So for now, we are keeping a close eye on this converging Triangle Pattern to see how it continues to develop in the coming days.
Final Verdict!
The Ethereum converging Triangle Pattern is still playing out in the 4-hour timeframe. This pattern is a bullish continuation pattern and it indicates that there is a very high probability that we might see the ETH price resume its bullish rally higher in the coming days.
But for that bullish prediction to play out, we need to see the ETH price breakthrough this Triangle Pattern to the upside.
Until this bullish breakout occurs, we will continue to stand aside and wait for this bullish confirmation to play out.
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