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For weeks now we have been tracking the ETH bearish Flag Pattern that was forming in the 4-hour timeframe. For this bearish pattern to become valid, we needed to see the ETH price break and close below the $1,755 key support level.
But try as they may, the ETH bears never had the chance of pushing the ETH price below this $1,755 key support. This was a clear sign that the bulls were fighting to hold on to this key support level at all costs.
Well, that struggle might finally be playing out in favor of the ETH bulls!
The Ethereum price has been ranging for weeks now and finally, that massive range is now beginning to take shape in the 4-hour timeframe. We are right now seeing a massive converging pattern forming in the 4-hour timeframe.
In this Ethereum analysis, we will be talking about this new pattern, what it means for the ETH price chart, and what we can expect in the coming days.
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ETH Converging Pattern!
The ETH price is getting ready to explode. However, we do not know what direction this explosion will take the price.
What this means is we are now officially neutral on Ethereum’s direction. We will wait for the Altcoin to decide where it wants to go next by breaking out of this converging pattern in that direction.
The image above is what the Converging Pattern breakout could look like. We are expecting to see a similar price action play out in Ethereum in the coming days.
Final Verdict!
We are officially neutral on Ethereum right now and will continue to stand on the sideline until the ETH price can break out of this massive converging pattern. And we believe that breakout might happen soon!
Whatever direction the breakout takes has the highest probability of being the ETH trend for the next couple of weeks.
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