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In our previous Ethereum analysis, Ethereum Selling As Predicted! Watch These Key Levels we talked about the $2,781 price level as a key area to watch for an ETH price bounce at.
Well, that price bounce is happening right now. But will this bullish push be enough to stop the ETH price from resuming its bearish trend lower in the coming days?
In this Ethereum analysis, we will be talking about our current bias on Ethereum and the key levels we are currently watching right now.
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What Is Ethereum Doing?
The Ethereum bulls are fighting hard to push the Altcoin price higher. But this is very difficult to do because the ETH trend is still bearish on the higher timeframe.
We can see this bearish trend clearly in the 4-hour timeframe as the ETH price continues to respect the Larger Descending Channel Pattern that has continued to push the Ethereum price lower.
This makes it necessary for us to stand aside at this point in time and wait for the trends of the two timeframes (i.e the 4-hour and the 15 minutes) to realign in other to increase the probability of our trades working out.
So What Now?
First, we don’t believe the Ethereum sell-off is over. However, we want price confirmations for this bearish bias.
And what that means is standing aside and waiting to see Ethereum breakthrough and close below this $2,781 key support in the 15 minutes timeframe.
A breakdown like this would confirm that the sellers are back in control of the price and we can expect to see further move lower in the coming days.
Until a bearish breakdown below the $2,781 like this happens, it is best to stand aside and wait for that bearish price confirmation.
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