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In our previous Ethereum analysis, Ethereum Entering The Final Stages OF This Ranging Market. Get Ready! we identified the Triangle Pattern that was forming in the ETH 4-hour timeframe and warned our readers of the potential move about to happen.
However, we were predicting for a sell-off in the price. What we saw play out instead was a bullish rally in Ethereum. What does this bullish rally mean for the Altcoin and what key levels are we currently watching?
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ETH Broke Out To The Upside!
The Ethereum price broke out of the Triangle Pattern and began pushing higher. This Invalidates the bearish Triangle Pattern we were waiting to see and instead points to Ethereum still being bullish for now.
However, this does not in any way change our over all bearish bias on Ethereum for now. The key level we are still watching is the $2,152 key resistance in the 4-hour timeframe.
If the ETH bears can keep the Altcoin price below this $2,152 key resistance level, there is a very high probability that we might see a sell-off sooner or later.
What Now For Ethereum?
We are still bearish on Ethereum and believe the bigger picture is warning of a potential sell-off in the coming days.
The key level we are watching is the $2,152 key support level in the 4-hour timeframe. If the ETH bears can keep the Ethereum price below this key resistance level, there is a very high probability that we might see a sell-off back down in the coming days.
However, if Ethereum breaks through this key resistance level, there is a very high probability we will see the Ethereum bulls attempt to push the Altcoin price much higher.
So the question now is can the ETH bears defend the $2,152 key resistance or not?
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