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The Ethereum price chart is currently forming a key pattern in the 1-hour timeframe. This Ending Diagonal Pattern gives us a better picture of what exactly the price is doing and what might happen in the coming days once price breaks out of this pattern.
In this Ethereum analysis, we will breaking down exactly what this pattern formation means for the Ethereum price, the key levels we are watching as well as the likly price sceanrios for Ethereum.
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Ethereum Ending Diagonal Pattern!
The Ending Diagonal usually formes when the price/trend of an asset wants to reverse. For Ethereum that would be the end of this mini bullish trend we have been in for the past few days/weeks.
However, this pattern is still yet to be completed. If it plays out like the sample image we have above, then there is a very high probability that we might see one last leg up in price for Ethereum to complete the Ending Diagonal Pattern before the sell-off begins.
So in the coming days, we expect to see the Ethereum price surge higher to complete the Ending Daigonal Pattern.
Ethereum Bullish Prediction!
The key level we are watching right now to confirm the start of the bullish rally in Ethereum is the break above the $1,669 key resistance. There is a very high probability that we might see the Ethereum price continue to rally high once this key resistance is broken.
So for now, we stand aside and wait to see if the bulls can breakthrough and close above the $1,669 resistance in the 1-hour timeframe.
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