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After days of trading around the $1,697 major resistance in the 4-hour timeframe, the ETH price has still been unable to break through or make new highs.
This lack of any bullish momentum in price is leading us to believe that the Ethereum bullish rally might have run out of steam to keep pushing it up. And if this is true, there is a very high probability that this bull run might be over and we should start expecting to see a price sell-off in the coming days.
In this Ethereum analysis, we will be talking about the bearish price scenario for Ethereum as well as the key levels we are currently watching.
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Is Ethereum Getting Ready To Start Trending Lower Again?
As we continue to witness more and more selling pressure pile on around the $1,697 resistance, there is a very high probability that this could easily translate to lower prices in the coming days.
But for that to happen, a key minor ETH support must be broken in the 4-hour timeframe. This $1,461 price level served as minor support previously and if broken could indicate a change in the internal structure for Ethereum from that of bullish to bearish.
So in the coming days, we will be keeping an eye on the $1,461 key level to see if the Ethereum price continues to respect it.
Final Verdict!
The Ethereum price is gradually losing any bullish steam it still has left. Once this bullish momentum is totally gone, there is a very high probability that we might see the Altcoin price reverse and start to head lower in the coming days.
The key level we will be watching closely to spot exactly when this sell-off begins is the $1,461 minor support.
A price break below this $1,461 minor support could spell doom for any remaining ETH buyers.
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