In our previous Ethereum analysis Urgent: Ethereum About To Make A Massive Move! Watch This Key Pattern we talked about the Ethereum converging pattern forming in the 15 minutes timeframe and a likely price breakout soon!
Less than 24 hours since publishing that analysis, the Ethereum price has broken to the downside. The bearish move took out our two key support levels (Ethereum $4,469 key support and the base channel of the converging pattern in the 15 minutes timeframe)
But for how long do we expect this price sell-off to last? In this Ethereum analysis, we will be talking about the key level we are currently watching and what we believe might happen next for Ethereum.
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Ethereum $4,469 key Resistance
The Ethereum key level we are watching right now is the $4,469 key resistance level in the 15 minutes timeframe.
This key level served as previously served as strong support and resistance on various occasions for the Ethereum price and might continue to do so in the coming days.
Ethereum Bullish Prediction!
For the Ethereum bullish prediction, we want to see the Ethereum price rally back above this $4,469 key resistance level in the 15 minutes timeframe.
A price breakout like this would signify that the Ethereum bulls are still in the market and fighting back to push the ETH price higher.
Ethereum Bearish Prediction!
As far as the Ethereum price continues trading below this $4,469 key resistance level there is a very high probability that we might see the price sell-off and history repeat itself in Ethereum.
If this $4,469 price level holds, we can expect to see the Ethereum price continue to sell off back down towards the $4,161 support level in the coming days.
Final Verdict!
The Ethereum bears are in full control of the market and will remain in control except the ETH price can break back above the $4,469 key resistance in the 15 minutes timeframe.
If this $4,469 resistance holds, there is a very high probability for us to see Ethereum sell off even more in the coming days.
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