In our previous Ethereum analysis Urgent! The Most Important Support For Ethereum Right Now! we talked about the ETH $1,477 key support currently holding in the 4-hour and why it is important for the ETH bulls to defend this key level at all costs!
Well since posting that TA, the ETH price has developed a much clearer pattern in the 4-hour timeframe. And we believe this new pattern can help us understand what to expect from the Altcoin in the coming days.
In this Ethereum analysis, we will be talking about the new Triangle Pattern forming right now and how this could lead to a bullish surge in the ETH price soon!
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ETH Triangle Pattern!
The Triangle Pattern is a well-known continuation pattern used by professional traders to time exactly when a trend wants to continue.
For Ethereum, that trend continuation could involve a bullish rally-up in prices in the coming days.
The image above is a typical example of what this rally could look like for the ETH bigger picture. And when we compare that image to what is currently forming in the Ethereum 4-hour timeframe, we see a lot of similarities in the patterns.
If this bullish prediction plays out we can easily see the Ethereum price rallying up to the $1,848 price level in no time!
What Should We Be Expecting In The Coming Days?
Knowing how the market works, and understanding the market is designed to try and cause as much pain as possible, we believe there is a very high probability that we might see Ethereum try to fake out sellers to the downside before finally bouncing and starting the Triangle Bullish rally higher.
This bearish fakeout could easily see the Altcoin price testing the $1,477 key support again in the coming days before reversing!
So we will be keeping an eye out on Ethereum for this potential sell-off before the rally begins and will remain bullish on the ETH price as far as the Altcoin continues to trade above and respect the $1,477 key support.
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