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The crypto market closed the trading day flat as we saw the two biggest cryptocurrencies BTC and ETH trade in a range most of the day.
For ETH this ranging market was caused because the altcoin price was unable to break through a key resistance in the 4-hour timeframe. We saw the Ethereum price test this level over and over again all through the day.
The presence of this key resistance indicates a build-up of bearish momentum in ETH. And if this bearish momentum is not stopped soon, it might push the Ethereum price lower in the coming days.
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Ethereum Bearish Price Prediction
The Ethereum price is currently trading within an ascending channel pattern in this 4-hour timeframe. This pattern provides us with key support and resistance to watch for and right now, the Ethereum price is testing this resistance.
If this ascending channel resistance continues to hold, we can expect to see the Ethereum price sell-off in the coming days.
But for this bearish prediction to remain valid, the Ethereum price must continue to trade below the key resistance for the ascending channel pattern currently playing out in the 4-hour timeframe.
ETH Bearish Targets
For our bearish target, the key support we are watching is the base of the ascending channel pattern. There is a very high probability for us to see the Ethereum price trend lower to this key support in the coming days.
Final Verdict!
The Ethereum price s trading at a critical level in the 15 minutes timeframe. If this level continues to hold, we might see more bearish pressure begin to enter the market and push ETH lower.
However, a break of that ascending channel pattern means the opposite as it could signify the start of the Ethereum bullish rally back to its ATHs.
For our full price analysis for an ETH bullish breakout of the ascending channel, pattern read Ethereum Testing Key Resistance! Is The Bull Run About To Resume?
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