Ethereum price broke below a triangle pattern today in a wild bearish move as the Crypto market plunges. The Altcoin has lost close to 11% in the last 24 hours.
After two weeks of indecision in the Crypto market, it has fallen again. In less than 1 hour, nearly all Cryptos have dropped to late September low. The largest altcoin lost about 30% in two hours and 11% in the last 24 hours. The fast decline hit below $200 which was the first time since 25th September. Bitcoin and Ripple have also lost 4% and 12% respectively in the last 24 hours.
Before the quick decline, price completed a sideway triangle pattern. It has been noticed in recent years that, some major price booms and crashes in the Crypto market happen after a triangle pattern. The nature of the triangle pattern suits this narrative quite well. Just when the market is very quiet, a big move happens. After this chart pattern, a big move is highly likely but the direction of breakout can't be ascertained. In the last update, before the big drop, a triangle pattern was spotted. The chart below shows the expectation in the last update.
The chart above shows ETHUSD rally from 167 which is clearly corrective. Price completed a zigzag pattern from 167 to 255 in September. It was expected to drop far below 167 if the bullish correction ended at 255. Instead, price became silent and went sideways for more than 2 weeks. The sideway move between 255 and 220 has the height of 52 when price hit the pattern low at 203 on 22nd September. The breakout is expected to be bullish. If price moves as expected, it will hit between $280 and $300 . If the breakout happens downside (this is less likely) price could hit 203 and even break below 167.
Price broke downside to interrupt the developing bullish corrective pattern. Where price breaks out is very important. The chart below shows the new update.
ETHUSD Technical Analysis and Important Price Levels
The breakout was downside. The drop might continue to $170 in the coming days though a bullish retracement back to $210 might happen. Technically, there will be hopes for the bulls if only price gets wack swiftly above $220 above the breakout line.
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