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The crypto market ended the trading day deep in the red as the Ethereum price led to the sell that pushed the all altcoin market down with.
This sell-off started after the Ethereum price was unable to break through a key resistance level in the 4-hour timeframe. This Ascending Channel Pattern held strong, pushing the ETH price back down today.
But is this ETH sell-off over? In this analysis, we will be taking about the key levels we are watching as well as the coming bullish rally in the Ethereum price.
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ETH Bearish Prediction Played Out Exactly
We warned our readers about the ascending channel and this sell-off we saw play out in the ETH price in our previous Ethereum analysis ETH Resistance Holding Strong! Watch this Bearish Prediction
That Bearish price prediction played out exactly with the Ethereum price selling off massively today.
However, we believe that bearish momentum might have buttomed out and there is a very high probability that the Ethereum price is about to reverse and start rallying back up soon.
Watch This Ethereum Key Support
The Ethereum price is currently trading around the ascending channel key support level in the 4-hour timeframe. This level has served as a great support region for the ETH price on numerous occasions and might do so again soon!
If this level continues to hold, we might see bullish momentum come back into the Ethereum price chat soon!. This bullish momentum will likely push Ethereum higher!
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