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The Ethereum price is down more than -16% from its recent highs. What does this mean for the Ethereum bulls and should we be getting ready to see more bearish momentum in the coming days?
To answer this question, we will be taking a key look at the Converging Traingle Pattern currently forming on the ETH 4-hour timeframe. This key pattern offers us a little insight into what exactly is going on with the Ethereum price chart and the key level the Ethereum bulls must hold for this bearish sell-off to end!
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Ethereum Converging Traingle Pattern!
What we are seeing play out on the Ethereum 4-hour price chart is exactly like the image shown abaove.
The Ethereum price broke out from the convergig triangle pattern and is now in PULLBACK to retest that previous resistance, converting it into key support before bouncing back up.
Below is an image of what that bullish bounce could look like for Ethereum if it ends up playing out!
Ethereum Key Level To Watch For!
For Ethereum to remain bullish, we need to see the price of the Altcoin respect and continue to trade above this Converging Traingle Resistance Channel (now turned support).
If this key level can hold, there is a very high probability that we might see an Ethereum price surge back up from this region in no time. This would end the ETH beaerish sell-off and will potentially lead to more bullish momentum coming into the market this week!
Final Verdict!
Ethereum is currently trading at a key level on the 4-hour timeframe. For the remain bullish and potentially begin to head higher soon, the Ethereum price must hold this 4-hour key support.
A failure to do so can only mean weakness for Ethereum and that could easily translate to more bearish moemntum to the downside.
The question traders are asking now is “Can this Key support hold, or will Ethereum just break through it and keep heading lower?”
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