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History is repeating in the Ethereum price as the Altcoin is getting ready to explode to the upside. And the pattern we are keeping our eyes on is the converging triangle pattern we are seeing play out in the 15 minutes timeframe.
The last time a converging pattern like this occurred in Ethereum, we saw a price surge of more than 14%. Can the bulls drive Ethereum this high again?
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Ethereum Bullish Confluence!
We are currently seeing a lot of bullish confluence on the Ethereum price chart right now. In the 15 minutes timeframe, we can clearly see the Altcoin forming a converging pattern around a 4-hour horizontal key level.
This $4k key support is the line in the sand for the bulls and must be defended at all costs if we are to see this bullish rally continue. And as far as the Ethereum price continues to trade above this critical level, we will remain bullish on Ethereum!
Ethereum Bullish Target!
For our bullish target, there is a very high probability for us to see the Ethereum price rally to the previous highs at $4,375 in the coming days. A break of this level could see us rallying even higher to new highs soon!
But for this bullish prediction to remain valid, Ethereum must continue to respect and trade above the $4k key support. A break below this support invalidates this bullish prediction and only points to more weakness in price.
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