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The Ethereum converging triangle pattern currently forming in the 15 minutes timeframe is still playing out exactly as we predicted with the price of the Altcoin still building momentum for a massive breakout soon! Must Read: Ethereum Key Pattern Points To A Coming Massive Move!
Right now the Ethereum price is testing the resistance channel of this triangle pattern! Can price break out or should we expect to see this key level continue to hold in the coming days?
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ETH Traingle Resistance!
The converging triangle pattern offers us two key levels, the resistance and the support channels! Until the price breaks through one of these channels, we can expect to see side ways trading and a ranging market.
This sideways market condition is playing out exactly in the Ethereum price chart and right now, the ETH price is testing the resistance channel of the converging triangle pattern.
Bullish Prediction!
For the ETH bullish prediction, we want to see the Ethereum price break through this channel and close above it in the 15 minutes timeframe.
A bullish move like this in the ETH price is the perfect confirmation we need to indicate the resumption of the bullish trend higher!
Bearish Prediction!
However, if this key level fails to give way, there is a very high probability that we might see Ethereum encounter resistance and a renewed selling pressure soon!
This selling pressure will likely push the Altcoin price back down to the base channel of the converging triangle pattern.
Final Verdict!
The Ethereum price is currently trading around a key level in the 15 minutes timeframe! Can the bulls breakthrough this trangle resistance and continue heading higher?
The key pattern to watch for is that converging triangle pattern currently forming in the 15 minutes timeframe.
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