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The Ethereum price sell-off to the downside has continued into today with the ETH price down more than -1.85% just today alone.
This bearish move in Ethereum is also dragging most Altcoins down with it as we are seeing the Crypto market continue to bleed out all through this week.
However, the question now is how long can this Ethereum sell-off last? And the best way to answer that is by talking about the key pattern the Ethereum is currently trading in and what we believe might happen next in the coming days.
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Ethereum Channel Pattern
The Ethereum price is currently trading in a massive Channel Pattern on the daily timeframe.
This pattern offers us key levels to watch out for and anticipate the ETH price to go to and find support or resistance over and over again in the future. And right now, we are seeing the ETH price gradually head to one of these key levels on the daily timeframe.
Until the price touches this major support level in the coming days, there is a very high probability that we might just see ETH continue to sell off and trend lower.
Final Verdict!
Ethereum is selling and might continue to sell off for the rest of the week. The key level we are watching is the base support of the Channel Pattern the Ethereum price is currently trading in on the Daily timeframe.
We believe there is a very high probability for the ETH price to sell off to this base support before we can see any bullish demand come back into the market.
So for now it is best to only look for bearish trade setups to join the ETH price move back down to this channel support.
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