Ethereum Bearish BreakDown Playing Out Exactly! What Next?

6:06 pm, Wed, 18 May 22

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Ethereum bearish prediction from a previous analysis Is Ethereum Getting Ready For One Last Dump To The DownSide? Watch This Bearish Pennant Pattern

In our previous Ethereum analysis Is Ethereum Getting Ready For One Last Dump To The DownSide? Watch This Bearish Pennant Pattern, we warned our readers of the Bearish Pennant Pattern that was currently forming in the 1-hour timeframe and how this key pattern indicated that we might see renewed selling pressure come back in on Ethereum.

Well, that bearish prediction is playing out exactly as we predicted and in this ETH analysis, we will be talking about the new key levels we are currently watching as well as the likely target for this price dump.

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Ethereum Key Levels!

Ethereum Bearish BreakDown Playing Out Exactly! What Next?
Ethereum Bearish BreakDown Playing Out Exactly! What Next? Watch this key pattern playing out right now in the 1-hour timeframe

By breaking and closing below the Bearish Pennant Pattern in the 1-hour timeframe, the Ethereum price confirmed the bearish sentiment traders are currently having on the Altcoin.

We believe there is a very high probability that we might see this bearish pressure continue to push the ETH price even lower in the coming days.

The key level to watch for is the $2,162 previous highs. Unless this key resistance in the 1-hour timeframe is taken out, there is a very high probability we might just continue to see more selling pressure come into the market in the coming days.

Ethereum Bearish BreakDown Playing Out Exactly! What Next?
Ethereum Bearish BreakDown Playing Out Exactly! What Next? Watch this key resistance in the 1-hour timeframe

Likely Target For This Bearish Sell-off

For our bearish target, the first key level that comes to sight is the $1,715 previous lows.

This $1,715 price level serves as a major support to Ethereum in the higher timeframe and might be the best target to expect the ETH bears to push the prices back to in the coming days.

However, we don’t know if this $1,715 support will hold. So in the coming days, we will be keeping a close eye on this $1,715 price level to see how Ethereum will react to it.

Ethereum Bearish BreakDown Playing Out Exactly! What Next?
Ethereum Bearish BreakDown Playing Out Exactly! What Next? Watch this bearish prediction in the 1-hour timeframe

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