Table of Contents
For weeks now, we have been tracking the massive Triangle Pattern currently playing out in the 4-hour timeframe. We talked in-depth about this pattern as well as the likely price scenarios in a previous analysis Ethereum Getting Ready To Explode! Watch This Pattern
Well right now, we are currently seeing the bearish price scenario playing out in the 4-hour timeframe. And this breakdown in price might imply a coming -35% dump in the value of Ethereum in the coming days.
In this Ethereum analysis, we will be breaking down the key levels we are watching as well as what Ethereum needs to do to confirm this bearish move lower.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $4,450 Bonus and up to 30 days of 0% Maker fee when you sign-up and fund your Bybit account with our Bybit link
The Key Level Ethereum Must Break Through To Confirm This Sell!
For this Ethereum price sell-off to be confirmed, there is one key support that needs to be broken. And that key support is the $994 price level in the 4-hour timeframe.
Until this major support is broken, there is a very high likelihood that this bearish breakdown we are currently witnessing might just be a Fakeout!
And if it is a fakeout, then we can expect to see the bears get trapped as the price continues to move higher. This makes it very important to wait for that $994 key support to be broken before jumping into any sell position in Ethereum.
Final Verdict!
The Ethereum price just broke out of a triangle pattern in the 4-hour timeframe and it is looking bearish. However, to confirm the start of this price sell-off we need to see the Altcoin breakthrough and close below the $994 key support in the 4-hour timeframe.
A break below this key level confirms our bearish bias and totally removes any possibility of a bearish fakeout in price. This makes it very important to wait for that $994 break confirmation!
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
