Our ETH bearish prediction ETH Forming Bearish Pennant Pattern! Sell Now? is playing out exactly right now in the 15 minutes with the altcoin price making the final leg up before the price dump begins.
However, Ethereum needs to keep on trading beneath a key horizontal resistance in the 15 minutes timeframe for this bearish prediction to remain valid.
In this ETH analysis, we will be talking about this $2,987 horizontal resistance and what it means for the Ethereum price.
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The ETH $2,987 Horizontal Resistance
The $2,987 resistance is the line in the sand for the Ethereum bears. It is important for the Ethereum sellers that the price of the Altcoin continues to trade below this key resistance in the 15 minutes timeframe.
A price break of this key resistance puts an end to this current sell-off we are witnessing and points to an even higher rally in the coming days.
This makes this level very critical for the Ethereum trend and a key level to keep an eye on even as the ETH price makes its final leg within the bearish pennant pattern before we see a dump.
We are still very bearish in the Ethereum price and strongly believe we are getting ready to see a massive dump in price in the coming days. But for this bearish bias to remain valid, the Ethereum price must continue to respect and trade below the $2,987 key resistance in the 15 minutes timeframe.
A price breakthrough this horizontal resistance to the upside only puts an end to our bearish bias and points to more rallies in the coming days.
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