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The Ethereum bullish momentum is running out of steam as the price of the Altcoin continues to trade at a critical resistance level in the 1-hour timeframe.
This $4k resistance level held the Ethereum bullish rally back before in the past and might do so again in the coming days.
And right now, the Ethereum price is showing signs of exhaustion in the 15 minutes timeframe. Watch this ascending channel pattern currently forming in the 15 minutes timeframe and the key levels that might matter the most in the coming days!
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Ethereum Bearish Prediction!
The key pattern we are watching is the ascending channel pattern currently playing out in the 15 minutes timeframe. This pattern is of high quality and points to growing exhaustion in the current bullish rally we are seeing play out in the Ethereum price.
If this bearish pattern plays out, we can expect to see the Ethereum price sell-off in the coming days.
The bearish confirmation we need for this ascending channel pattern completion is the break of the base support of the channel.
A price break like this is a strong indication that the Ethereum sell-off might have started!
Ethereum Key Level To Watch
The most important key level to watch for this Ethereum bearish prediction is the $4k resistance region. We want to see the ETH price respect and continue to trade below this key resistance in the 15 minutes timeframe.
A prie break of this 15 minutes resistance level invalidates this Ethereum bearish prediction and opens the door for more ETH rallies in the coming days!
Final Verdict!
The Ethereum price is trading at a critical resistance, and as far as the price continues to trade this $4k region there is a very high probability that we might see an Ethereum sell-off in the coming days.
The Ascending channel pattern gives us the opportunity to take advantage of this potential Ethereum sell-off. But for our bearish bias to remain valid, the Ethereum price needs to continue trading below that $4k resistance.
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