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Ethereum Just Broke Below This Major Pattern! Is This A Sell Signal?

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Ethereum Getting Ready To Explode! Watch This Pattern forming right now in the 1-hour timeframe
Ethereum price prediction from a previous analysis Ethereum Getting Ready To Explode! Watch This Pattern

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.

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The Key Level Ethereum Must Break Through To Confirm This Sell!

Ethereum Just Broke Below This Major Pattern! Is This A Sell Signal? Watch this key level in the 4-hour timeframe
Ethereum Just Broke Below This Major Pattern! Is This A Sell Signal? Watch this key level in the 4-hour timeframe

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.

Ethereum Just Broke Below This Major Pattern! Is This A Sell Signal? Watch this key level in the 4-hour timeframe
Ethereum Just Broke Below This Major Pattern! Is This A Sell Signal? Watch this key level in the 4-hour timeframe

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!

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