In our previous ETH analysis ETH Price Trending Lower! Can The Bulls Hold The $3,345 Support?, we talked about the $3,345 horizontal support and how this 4 -hour horizontal level was very important for the bullish reversal in the Ethereum price.
However, the Ethereum price is still showing large signs of weakness as we saw the altcoin break and close below this key support in the 4-hour timeframe.
This bearish move points to growing weakness in Ethereum and a very high potential for us to see the Altcoin continue to trend lower in the coming days.
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The ETH Bearish Prediction!
There is a very high probability that we might see more sell-off in the Ethereum price in the coming days.
This bearish sell-off would likely push the Altcoin price back down to the base of the ascending channel pattern it is currently trading in the 4-hour timeframe.
We have seen this same bearish price pattern play out on the Ethereum 4-hour price chart on numerous occasions in the past and it might just repeat again soon!
Key Levels To Watch
The level we are watching right on the Ethereum 4-hour timeframe is the confluence of key resistance the Ethereum price has been battling with for a while now.
As far as Ethereum continues to trade below this key resistance, there is a very high probability that we might continue to see a weak and declining Ethereum price.
Final Verdict!
Ethereum is looking bearish for the short term. If this bearish prediction plays out, there is a very high probability that we might see a price sell-off back down to the base of the ascending channel in the coming days.
How the price interacts with this ascending channel base would have a last impact as to the direction the Ethereum price will take.
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