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In our previous Ethereum analysis Is This Really A Bullish Rally Or A Retracement? we identified a key Ascending Channel Pattern the ETH price is currently trading in and explained how this pattern needs to be broken and invalidated first before we can expect any further push to the upside.
Well, that Ascending channel pattern is still holding on strong, making bullish traders worry about a possible dump to the downside in the coming days for this Altcoin price.
In this Ethereum analysis, we will be updating you on what we are seeing play out, as well as a potential Head and Shoulders pattern that is currently forming in the 4-hour timeframe.
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Ethereum Ascending Channel Pattern Still holding on Strong!
The Ethereum ascending channel pattern forming in the 4-hour timeframe helps us better understand exactly what is happening with this bullish rally currently playing out in the ETH price chart.
We can see clearly that the bulls are struggling to break through the resistance channel of this key pattern. And unless we see this bullish breakout, the Ethereum price will only test this key resistance and fall back down in the coming days.
Not only that, but we are also seeing another major pattern form in the 4-hour timeframe. What does this new pattern mean for the Altcoin price?
Ethereum Head and Shoulders Pattern
The second pattern we are spotting on Ethereum right now is a potential Head and Shoulders Pattern currently playing out in the 4-hour timeframe.
The key level to watch for is the $1,153 support that also serves as the Neckline Region of the pattern.
As the price action on Ethereum continues to develop, we will keep an eye on this pattern and update you on exactly what we are seeing playout and what might happen next.
Final Verdict!
We are still bearish on Ethereum and believe the Altcoin sell-off might still be far from over. This bearish bias will remain valid until the ETH bulls can push prices past the $1,400 major resistance region in the 4-hour timeframe.
Read this article ETH Bulls Fighting Back! Bearish Pattern Invalidated. What Next? to find out why this $1,400 region is so important to the ETH bulls
In Other News…
Rebellion in Huobi Crypto Exchange as $60M in Token leaves the exchange in a Day
Huobi exchange is making the news as clients are withdrawing their funds massively from the crypto exchange. This “run on the bank” comes after the news was leaked that the Huobi executives were dramatically cutting/laying off (up to 20% of its workforce) and requiring employees to take their salaries in stablecoins.
This has led to a massive rebellion within the exchange and has seen the closing of internal staff communication channels to quell this uprising.
The truth is ‘if this bear market continues, we will see even smaller crypto exchanges go burst as they struggle to survive this unprecedented sell-off”
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