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In our previous Ethereum analysis, This Triangle Pattern Helps Us Understand Why Ethereum Is Ranging So much! we talked about the Triangle Pattern that was forming in the 4-hour timeframe and what it meant for the ETH price.
Well, more than 48 hours after publishing that article and the release of the FOMC meeting and other fundamental news, the Ethereum price has evolved and solidified its look.
And the new look it has simply says that “Ethereum is currently ranging and building momentum for a massive move soon!”
In this Ethereum analysis, we will be talking about this updated pattern as well as the new key levels we are currently keeping our eyes on in the coming days.
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Ethereum Price Still Ranging
The Ethereum price is right now still in the ranging phase in the 4-hour timeframe.
For the price to range and trade sideways this long, it means that the Altcoin is preparing to make a massive move soon!
When that move will occur we still do not know. However, until that happens, there is a very high probability we might continue to just see low volatility in the market and more sideways trading for the next few days.
Possible BreakOut Sceanrios!
There are two possible breakout scenarios for this pattern in the 4-hour timeframe. And once this ranging phase of the ETH market ends, we expect to see the Ethereum price move in the direction of one of these scenarios.
Whatever direction the ETH price breaks out to would likely be the direction the ETH price would trend towards for a while before facing any major levels.
So for now, we are watching this 4-hour pattern closely and waiting to see when the ETH price breakout would take place.
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