In our previous Ethereum analysis, ETH Bearish Pressure Continues As Predicted! we talked about two possible price scenarios that were possible. And one of the price scenarios is exactly what we are seeing play out right now in the Ethereum 4-hour price chart.
In this Ethereum analysis, we will be breaking down what we expect to happen next, the key levels we are currently watching, and why we are still bearish-biased on Ethereum right now!
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ETH Testing The $1,250 Key Resistance Zone!
The Ethereum price broke out of the sideways channel it was trading in for the last few days of 2022 and surged higher. However, this price surge pushed the Altcoin price up to a significant resistance zone in the 4-hour timeframe.
We have seen the ETH price reject from this $1,250 resistance zone over and over again in the past. And there is a very high probability we will just see this kind of rejection play out again in the coming days.
Ethereum Bearish Prediction!
The key level we are currently watching is the $1,250 key resistance zone in the 4-hour timeframe. For this ETH bearish prediction to remain valid, we need to see this key resistance hold.
Once the ETH bears can defend this resistance, there is a very high probability that we might see Ethereum crash back down in the coming days.
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In Other News…
Is the worst over for Solana?
Solana took a massive beating even more than most Altcoins all through last year. And things only got worst for the project as its “Strong ties to FTX” led to a free fall that lasted more than 2 months. But is the worst over for Altcoin yet?
Despite the massive crash in Solana, we are still seeing the project gain a lot of interest from the crypto community and recently Vitalik Buterin (the founder of ETH) on Thursday tweeted his support for the Solana community, offering a word of hope and comfort to its many deeply disappointed developers and fans.
Find out what our price prediction for Solana is for the coming years Solana Price Prediction in 2023, 2024, 2025 & 2030
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