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For months now, the Ethereum price has been ranging and trading sideways on the higher timeframe. This sideways market phase on ETH created a converging triangle pattern in the 4-hour timeframe and respected it for weeks.
This Converging Triangle pattern predicted a price breakout for Ethereum once it ended and that breakout is what we are currently witnessing play out on the Ethereum price chart.
In just today alone, the Ethereum price has surged more than +6% in value, breaking through the massive $3,280 resistance region in the 4-hour timeframe and pushing prices higher.
This bullish breakthrough liquidated institutional short positions worth millions of dollars and points to a likely start of a new bull run for the Altcoin price. More Than $100 Million in ETH Positions Liquidated. Here are the Details.
In this Ethereum analysis, we will be talking about the likely target to watch for this converging triangle pattern breakout.
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What Next For Ethereum?
Now that the Ethereum price has broken through both the converging triangle pattern and the $3,280 key level, we expect to see the Altcoin price continue to rally higher in the coming days!
And the main target we are aiming for is the Converging Triangle Pattern Standard target for a breakout.
This would likely see the Ethereum price continue pushing higher to the $4,000 price level in the coming days.
This is a +20% surge in the Ethereum price and is very possible given the amount of bullish momentum the Altcoin broke out with.
Key Levels To Watch For!
As for the key levels to watch for on the Ethereum 4-hour timeframe, we want to see the Altcoin continue to trade above that resistance zone it just broke out from.
A lot of institutional orders were liquidated around this region so it is important for the Ethereum price not to trade back below it any time soon!
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