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In our previous analysis Ethereum Bearish BreakDown! Is The Rally Over? we made a bearish prediction for Ethereum, pointing to $3,686 as the horizontal resistance to watch for. And right now, that bearish prediction is playing out exactly in the 1-hour timeframe.
Ethereum is currently trading very close to our ascending channel support price target.
This key support is from the larger ascending channel pattern currently playing out in the 4-hour timeframe. This pattern has been playing out for weeks now and it offers us key levels to watch for the Ethereum price to encounter support or resistance.
And right now Ethereum is trading around the base support of this ascending channel pattern in the 4-hour timeframe. If this level continues to hold, there is a very high probability that we might see a price bounce in Ethereum soon!
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Ethereum Key Support To Watch
The first key support we are watching for a possible bounce in price is the base of the ascending channel. If this level holds there is a very high probability that we might see a bullish bounce in the Ethereum price in the coming days.
However, if this gives way, there is a very high probability that we might see more Ethereum sell-off in the coming days. This sell-off would likely push the price back down to the $3,204 horizontal support.
Final Verdict!
Ethereum is about to test major support in the 4-hour timeframe. How Ethereum reacts to this ascending channel key support will have an immediate effect on the trend of the market.
If this ascending channel support holds, there is a very high probability that we might see a bounce in Ethereum soon! However, if this level gives way, we might see Ethereum crash lower to the $3,204 horizontal support.
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