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The Ethereum bears just made a bold statement “we are here!” as the price of ETH slammed back down to the downside after encountering the 4-hour resistance sitting at the $2,743 key level.
We talked about this resistance in our previous analysis Ethereum Bulls Finally Fighting Back! Price Not Out Of The Woods Yet, warning our readers of possible bearish price action in the coming days.
Well, that bearish price action is playing out as predicted, but is it over yet? And what can we expect next from Ethereum?
In this Ethereum analysis, we will be talking about the new levels to watch as well as the flow of the Ethereum trend as more timeframes turn bearish again, painting a gloom picture for the Ethereum bulls.
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Ethereum Bulls Loosing More Ground!
The Ethereum sell-off is looking far from over as the Altcoin lower timeframes are now becoming bearish again. And the main timeframe we will be taking a look at in this analysis is the Ethereum 1-hour timeframe.
In this timeframe, we can see the Ethereum price has fallen back below a previous key resistance. With this 1-hour key level coming back into play again, this might be the perfect level for us to see more selling pressure come into the Ethereum market.
If this plays out right we might see Ethereum sell-off steeply soon! Resuming the ETH move to the downside and showing signs of the growing bearish momentum building up.
Final Verdict!
The Ethereum bulls are losing ground and losing it fast. Right now on the Ethereum 1-hour timeframe, we are seeing more sellers come back into the market, holding on to that previous resistance and using it as a perfect level to pile up the pressure.
There is a very high probability for us to see the ETH price crash lower in the coming days.
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