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The Ethereum price is currently trading within a massive triangle pattern clearly visible from the 1-hour timeframe. We talked in-depth about this triangle pattern, the key levels to watch, and how we plan to take advantage of it in our previous article Ethereum Getting Ready To Explode! Watch This Pattern
Well, right now the Ethereum price has tested and failed to break through one of these key levels we talked about. And this price failure might be presenting us with a potential trade to the downside in the coming days.
In this Ethereum analysis, we will be breaking down this potential -10% dump we believe the Ethereum price is about to make as well as the key levels we are currently watching right now.
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Ethereum Getting Ready For -10% Dump!
The Ethereum price is currently testing a key resistance in the 1-hour timeframe. And the last time Ethereum tested this price level, we saw a massive sell-off occur.
Right now, we are seeing this selling pressure come back into the market, increasing the possibility that we might see Ethereum begin to sell off again from this region in the coming days.
And a sell-off like this could see us easily crashing more than -10% in a matter of days.
Key Level To Watch!
The key level we are watching right now is the $1,191 minor support in the 1-hour timeframe. We want to see the Ethereum price break through and close below this support in order to confirm the start of the move lower.
Until this bearish break of this $1,191 support occurs we will stand aside and wait for that bearish confirmation to play out for Ethereum.
Final Verdict!
The Ethereum price is still trading within a large triangle pattern in the 1-hour timeframe. However, we are looking to take advantage of one of the legs of the triangle pattern as it is still forming.
The key level we are watching is the $1,191 minor support in the 1-hour timeframe. Once the Ethereum price break through this price level, there is a very high probability that we will see the Altcoin drop rapidly in the coming days.
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