Table of Contents
In our previous Ethereum analysis, Ethereum Running Into Major Resistance. Get Ready! we identified a key Ascending Channel Pattern playing out in the 1-hour timeframe.
We also talked about the $1,238 minor support in the 1-hour timeframe, warning our readers that if this key support fails, we might see a much deeper sell-off for Ethereum in the coming days.
Well right now, Ethereum is testing this key support! Will the price break below or not? Find out what we are currently watching as well as what we believe might happen next.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $30,031 Bonus when you sign-up and fund your Bybit account with our Bybit link
ETH $1,238 Key Support!
The Ethereum price is currently testing the $1,238 minor support in the 1-hour timeframe.
This key level is very important because it plays the role of the final support that needs to be broken for the Ethereum sell-off to begin.
If the ETH price breaks below this minor support. There is a very high probability that we might see the Altcoin price crash more than -13% in the coming days.
This sell-off could easily push the Altcoin price back down to the lows of $1,075 in the coming days.
What Is Happening In Ethereum Right Now?
Well right now, the Ethereum bulls are still battling to hold on to this $1,238 key support. And as far as this key level continues to hold, we won’t see any push to the downside.
This is why the $1,238 level is so important for Ethereum right now. Will it break or can the bulls continue to defend it?
Final Verdict!
We are still bearish on Ethereum for the short term! The key pattern we are watching is the Ethereum Ascending Channel Pattern currently playing out in the 1-hour timeframe.
However, for this bearish bias to play out, we need to see the Ethereum price break and close below the $1,238 minor support.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
