Ethereum Rally Continues For The 3rd day! But Watch This Larger Bearish Pattern
For days now, we have been tracking this bullish rally in the Ethereum price. This rally started after the Altcoin formed a triangle pattern in the 15 minutes timeframe and broke out to the upside.
Since then, the Altcoin price has gradually been grinding to our bullish target of $1,770. And in the coming days, we expect to see the ETH price rally and smash this price level before facing any major resistance.
However, something else is happening in the higher timeframe. And in this Ethereum analysis, we will be breaking down the key bearish pattern forming in the 4-hour timeframe and why we believe the ETH price might sell off massively once the bullish momentum pushing the Altcoin price higher dies off!
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Ethereum Larger Bearish Pattern!
While the Ethereum price might be rallying higher on the lower timeframe, the 4-hour timeframe paints a totally different picture that we must pay attention to.
The key pattern we are watching is the massive Ending Diagonal Pattern that too Ethereum months and months to form. And this rally we are seeing play out in the lower timeframe is just a pullback before the massive sell-off in Ethereum continues!
The image below is what a completed Ending Diagonal pattern looks like. And in the coming days/weeks we expect to see the Ethereum price look exactly like this!
The Ethereum price is building up for a massive sell-off in the 4-hour timeframe. And the key pattern we are watching for to take advantage of that sell-off is the Ending Diagonal pattern.
However, that is the 4-hour timeframe and it might not play out anytime soon! But for now, we are on the 15 minutes waiting for our $1,770 triangle target to be smashed.
Once that $1,770 target is smashed, we know our next move for a new trade setup will only be looking to take advantage of moves to the downside.
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