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In our previous article Ethereum Getting Ready For Massive Move! Watch This Key Pattern we talked about the converging pattern playing out in the 1-hour timeframe and the possible bearish scenarios that could play out in the coming days.
Right now, that bearish scenario has started playing out! The Ethereum price has just broken through that converging pattern to the downside.
And in this article, we will be talking about our bearish targets as well as the key levels we are watching for this bearish prediction to remain valid.
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Ethereum $3,686 Key Level
The key level we are currently keeping our eyes on is the $3,686 horizontal resistance in the 1-hour timeframe. This resistance offers us a key level to watch the Ethereum price respect in the coming days.
For our bearish bias to remain valid, Ethereum needs to continue trading below this $3,686 key level. A break above this resistance invalidates this bearish move in the Ethereum price.
Bearish Prediction
Our bearish target for Ethereum is the base of the larger ascending channel pattern the Ethereum price has been trading in.
This larger 4-hour pattern has been playing out for months now and offers us major levels for us to see the Ethereum price sell to in the coming days. And it is looking like it might just happen soon!
Final Verdict!
The Ethereum price is getting ready to dump after breaking down from the converging pattern in the 4-hour timeframe. The target we are watching for is the base of the larger ascending channel pattern the Ethereum price has been trading in for a while now.
This sell-off might have started already, but the key resistance we are watching is the $3,686 key level. Has far as the price continues to trade below this key resistance, there is a very high probability that the Ethereum price will keep on selling off.
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