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In our previous Ethereum analysis Urgent: Ethereum Testing This Key Support! Will It Hold? we warned our readers of the possible break of the $1,684 key support level in the coming days. This support level also served as the base channel of the Descending Triangle Pattern the Ethereum price has been trading in for weeks now!
By breaking through this $1,684 support, the Ethereum price is finally out of that Descending Triangle Pattern and now has the potential to continue trending lower in the coming days.
In this Ethereum analysis, we will be talking about the key levels we are currently watching as well as our price forecast for the coming days.
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ETH Previous Support Now New Resistance!
The $1,684 previous support is now a major resistance for the ETH bulls. For the Ethereum price to remain bearish, this new resistance must continue to hold the price down.
We can also expect to see more sellers begin to enter the market from this $1,684 resistance level in the coming days. And the more sellers enter, the more likely we will see a continued push to the downside for Ethereum.
What Pattern To Watch?
The key pattern that is still in our main focus is the Descending Triangle Pattern currently playing out in the 4-hour timeframe.
This pattern is currently completed with the price giving us confirmation that it might be ready to continue moving to the downside in the coming days.
The target for a price move like this would be the standard target for a Descending Triangle Pattern. And for Ethereum, that target would be the $1,364 price level
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