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The crypto market closed the trading day flat today as we saw bearish pressure come into the Ethereum price, pushing the Altcoin lower. This bearish pressure is a result of the 4-hour key resistance the Ethereum price is currently trading around.
This key resistance has had a negative effect on the Ethereum price on numerous occasions and might cause a price sell-off soon!
In this Ethereum analysis, we will be talking about the key pattern to watch as well as all bearish price scenarios that might play out in the coming days.
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The Ethereum Ascending Channel Pattern!
The Ethereum price is currently trading in an ascending channel pattern in the 4-hour timeframe. This pattern offers us key levels to watch out for and right now, the Ethereum price is trading around the resistance channel.
This 4-hour key level is a trend definer for Ethereum. A break above it could lead to a price rally to ATHs, while a failure to break through it could see Ethereum dumping 20% again soon!
Ethereum Bearish Prediction!
For our Ethereum bearish prediction, we want to see the Ethereum price respect and continue to trade below the ascending channel pattern in the 4-hour timeframe.
A failure to break through this pattern to the upside would be a strong indication of the growing bearish pressure mounting in Ethereum.
Final Verdict!
Ethereum is currently trading at a very key level in the 4-hour timeframe. How the altcoin price reacts to this resistance region will have a major effect on the short-term trend the Ethereum price would take in the coming days.
But for this bearish prediction talked about in the analysis to remain valid, the Ethereum price must continue to trade below the ascending channel resistance. A break of this 4-hour pattern invalidates this bearish prediction in price.
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