Table of Contents
In our previous Ethereum analysis Ethereum Getting Ready For -10% Dump! Best Time To Sell? we talked about the potential bearish setup playing out in the Ethereum 1-hour timeframe.
We also talked about the $1,191 minor support as the key level the Ethereum price must break through to confirm the start of this price dump.
Well as we speak, the Ethereum price has finally broken below this $1,191 minor support and is setting up to continue this bearish move lower in the coming days.
In this Ethereum analysis, we will be talking about the key levels we are currently watching, points of invalidation for this bearish prediction as well as the best likely target we expect the Ethereum price to get to in the coming days.
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Has The Ethereum Sell-Off Started?
By breaking through the $1,191 minor support in the 1-hour timeframe, the Ethereum price confirmed that the sell-off might have started. And in the coming days, we expect to see more bearish pressure begin to come into the market to push prices lower.
Our bearish target for this sell-off is the $1,109 key level in the 1-hour timeframe.
We expect to see the Ethereum price sell-off to this $1,109 price level before experiencing any major pushback from the bulls.
This bearish breakdown below this $1,191 key minor support confirms our bearish bias for Ethereum and increases the chance for us to see a follow-through.
Point Of Invalidtaion For This Bearish Prediction
For this bearish prediction to remain valid, the Ethereum price must stay below the Previous Highs of $1,235.
A price break back above this $1,235 previous highs will only create a bullish structure that invalidates this bearish prediction.
This means no matter what the ETH price does, this bearish prediction will remain valid as far as the price stays below the $1,235 key level.
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