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Our bearish prediction on Ethereum Ethereum Bulls Running Out Of Steam! Watch This Key Pattern has completely played out, with the Altcoin price dumping more than 10% in value just to smash through our $3,731 bearish target in the 15 minutes timeframe. What next?
In this Ethereum analysis, we will be talking about the key levels we are watching on the price chart as well as the double top pattern currently playing out in the 4-hour timeframe
Should we expect to see more sell-off for Ethereum in the coming days? Continue reading to find out!
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Ethereum Double Top Pattern!
The double top pattern is a key bearish pattern that points to growing weakness in price. And right now, Ethereum is forming this exact pattern in the 4-hour timeframe.
If this plays out, we might see a much deeper correction in the Ethereum price in the coming days.
A sell-off like this would likely push the Ethereum price back towards the $2,700 price regions in no time.
Key levels To Watch!
The most important key level we are watching in the Ethereum price is that $4k horizontal resistance region in the 4-hour timeframe.
For this double top pattern to remain valid, the Ethereum price must continue to trade respect and trade below this $4k horizontal resistance. A price break above this resistance could invalidate any bearish prediction.
Final Verdict!
We are still bearish on the Ethereum price and believe there is a high chance for us to see more sell-off to the downside in the coming days. But for this bearish bias to remain valid, the Ethereum price needs to respect and continue to trade below the $4k key resistance in the 4-hour timeframe.
A break of this resistance invalidates this bearish bias and also the double top pattern we are currently seeing play out!
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