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In our previous Ethereum analysis, ETH Price Prediction Playing Out Exactly! Get Ready For This Next Move we talked about the $1,250 resistance zone in the 4-hour timeframe and how this key zone could be a major level that would stop the mini-rally that was playing out in Ethereum.
Well, this key resistance worked exactly as we expected and now, we are seeing the ETH bears come back into the market and try and push the Altcoin prices down.
In this Ethereum analysis, we will be breaking down what this renewed bearish pressure in Ethereum means and what we expect to happen next in the coming days.
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ETH Sell-Off Far From Over!
By failing to break above the $1,250 key resistance level in the 4-hour timeframe, the Ethereum price is currently indicating that the Altcoin sell-off might be far from over.
In the coming days, we will be keeping a close eye on this level to see if more selling pressure begins to manifest around this region.
If Ethereum bears come into the market to defend this level as we expect, there is a very high probability that we might see the ETH price dump very hard soon!
This dump could easily push the Altcoin down to the $1,153 previous support level and much lower in the coming days.
Key Level To Watch!
The most important key level to watch right now for Ethereum is the $1,250 key resistance region in the 4-hour timeframe.
For our bearish prediction in Ethereum to remain valid, we need to see this key resistance hold and continue to get respected in the coming days.
A bullish break through this $1,250 resistance region only invalidates our bearish bias and indicates a possibility of a potential push higher for Ethereum.
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