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The Ethereum price is coming very close to our bearish target of $1,109 Ethereum Getting Ready For -10% Dump! Best Time To Sell? This target also severs as the base support of the Triangle Pattern the Ethereum price is currently trading in on the 1-hour time frame.
The question now is “will this Triangle Base Support” hold the price up and stop any further move lower in the coming days.
In this Ethereum analysis, we will be breaking down the two likely scenarios that might play out in the coming days. This way you are fully equipped to take advantage of the ETH market no matter what direction the price takes.
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Ethereum Bullish Price Scenario!
For the Ethereum bullish price scenario, we want to see this Triangle Base Support hold the Ethereum price up. We have seen this happen twice before in the past and it might play out again in the coming days.
If this base support holds, there is a very high probability for us to see the Ethereum price bounce off this key level and begin rallying back up.
So in the coming days, we will be keeping a close eye on this Triangle pattern to see if the base support of the triangle will continue to serve as a key level for the Ethereum bulls.
Ethereum Bearish Price Scenario
For the Ethereum bearish prediction, we want to see a clear price break and close below the triangle base support in the 1-hour timeframe.
A bearish breakdown like this would be the perfect confirmation that we need that the Triangle Pattern might have finally been completed and we can expect to see a massive dump in the price in the coming days.
This is why this Triangle Base Support is a very critical region for Ethereum and a break below it can spell doom for the Altcoin price for a couple of weeks to come.
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