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In our Ethereum analysis, ETH Ranging Market Continues. What Now? we talked about the Ascending Channel Pattern the Ethereum price was currently trading within and the key resistance level we should be keeping an eye on.
Well, this key channel resistance is still holding very strong and right now, we are beginning to see weakness come into the Ethereum price chart. Will this lead to a further move to the downside in the coming days?
In this Ethereum analysis, we will be breaking down the potential sell-off in price that might be setting up in the Ethereum 4-hour timeframe, as well as the key levels we are currently watching.
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Will This ETH Key Resistance Hold?
Every time the Ethereum price has tested this 4-hour resistance channel, we have always seen some kind of rejection play out. This confirms the validity of this Ascending Channel pattern and sets the stage for us to see a possible sell-off in the coming days.
The image above is what that kind of sell-off might look like. This is how Ascending Channel patterns generally act, and we can already see clear similarities on the Ethereum price chart.
Key Levels To Watch!
We want to see the Ethereum price continue to trade within this ascending channel pattern for this price prediction to remain valid.
A bullish breakout of the pattern only invalidates this bearish scenario we just talked about. So we will be keeping a close eye on this channel resistance level to see if Ethereum continues to respect it.
In Other News…
Is There Hope For A Crypto Market Recovery any Time Soon?
While we believe there is still room to the downside before we see any major bounce in the crypto market, one thing is certain.
The bears are losing steam!
And we can see that clearly in Ethereum. The Altcoin has been struggling to sell off as more buyers are coming into the market and refusing to sell.
This is a good sign for the long run in the cryptocurrency market because it shows that the sentiment for crypto (despite the prolonged bear market) is still very bullish.
And once this bear market is over. The possibility of seeing a bullish rally like no other is very very high.
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