Urgent: Decision Time For Ethereum. Will Price Breakout Or Fail?
The Ethereum price is right now trading in what looks like an Ascending Triangle Pattern in the Daily timeframe. This key pattern is very important because it gives us a better understanding of what the ETH price might be setting up to do in the coming days.
In this ETH analysis, we will be breaking down the possible price scenarios to watch out for and what the ETH bulls must do to confirm the start of the Ethereum bull run.
Ethereum Ascending Triangle Pattern
The image above is what an Ascending triangle pattern looks like. And what this pattern helps us do as crypto traders is to spot how momentum is being built up for massive move that is about to happen.
The direction that move would take would solely depend on how the price of the Asset breaks out of the Ascending Triangle Pattern.
A bullish breakout signifies a very high probability of a bullish price continuation to the upside while a bearish breakdown could mean that we are about to see a sell-off play out instead.
For now, Ethereum is still trading within this key pattern in the Daily timeframe. And in the coming days, we expect to see the Altcoin get ready to breakout of this Ascending Triangle either to the upside or the downside.
What The Bulls Most Do To Continue Pushing ETH Higher
The only way for this Ethereum bullish rally to continue is if we can see a clear price breakout of this Ascending Triangle pattern to the upside in the coming days.
A bullish breakout like this could be the best indication we need to signify that the ETH bulls are still in full control of this market and we can expect the current bull run that started late 2023 to continue into 2024.
But until this bullish breakout plays out, we will be standing aside and waiting for that price breakout confirmation for Ethereum.
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