Ethereum Price Prediction Daily (26-Oct): Is This Ethereum Rally Over Extended?
The Ethereum price surged more than +16% in a matter of days! However, the question traders are asking now is:
Is this Ethereum bullish rally over extended?
If the answer to that is yes, then there is a very high probability that we might see a pullback in Ethereum sooner or later.
In this Ethereum analysis, we will be breaking down the Ending Diagonal Pattern that is currently playing out and indicating that this pullback in ETH price may occur sooner than most traders expect!
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Ethereum Ending Diagonal Pattern
The Ending Diagonal pattern is a high-quality pattern used by professional traders to spot exactly when the price of an asset is about to change directions.
The image above is what a typical Ending Diagonal pattern might look like. And when you compare that drawing with the current price setup forming in Ethereum, we see a lot of similarities.
This reversal pattern is currently forming in the 15 minutes timeframe, and there is a very high probability that if it plays out, we might see Ethereum sell-off back down to the $1,446 price level in the coming days
Trading The Ending diagonal Pattern
The best way to trade the Ending Diagonal pattern is to wait for the price to break below the previous lows. For Ethereum that would be waiting for the ETH price to break below the $1,509 previous lows in the 15 minutes timeframe.
Once the price breaks through these lows, there is a very high probability that we might see more bearish pressure come in and continue to push the Altcoin back down to the $1,446 price level in the coming days.
The Ethereum price is forming a key reversal pattern in the 15 minutes timeframe. However, this pattern is still yet to be completed. The key level we are watching is the $1,509 previous lows in the 15 minutes timeframe.
We want to see the Ethereum price break and close below this previous support to confirm the start of the sell-off.
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