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The Ethereum sell-off to the downside has continued today exactly as predicted in our previous Ethereum analysis Warning: Ethereum Could Crash -25% Soon! Watch This Key Level.
Right now, we are currently seeing the ETH price building up bearish momentum below the $2,445 key resistance in the 4-hour timeframe.
This $2,445 key level is very important to the ETH price chart because it served as previous support for Ethereum in the past. This increases its significance and also increases the need for us to see it respected by the bears in the coming days.
In this Ethereum analysis, we will be talking about this bearish buildup in Ethereum and what we believe might happen next in the coming days.
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Ethereum Bearish Build Up
We are currently seeing Ethereum consolidate and trade sideways below this $2,445 key level in the 4-hour timeframe.
We believe there is a very high probability that this sideways consolidation is a bearish momentum buildup and we might see the ETH price form a key bearish continuation pattern in the lower timeframe soon.
Once this lower bearish continuation pattern is created and completed, we can then expect to see the Ethereum sell-off continue lower.
Key Bearish Target!
Our bearish target for this Ethereum sell-off is the $1,715 major support in the 4-hour timeframe.
There is a very high probability for us to see the Ethereum price continue to head lower to this major support in the coming days. There is also a very high probability that the ETH price needs to get this $1,715 key level before we see any major buying power come back into Ethereum
Final Verdict!
We are very bearish on Ethereum and believe there is a very high probability for the Altcoin price to crash back down to the $1,715 key support in the coming days.
Right now, we are seeing a bearish build-up in the price for that move lower to play out.
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