Table of Contents
The key pattern we are currently watching in the Ethereum price chart is the Ascending Channel pattern forming in the 1-hour timeframe.
This pattern is very important to the Ethereum bulls because if it plays out, there is a very high probability that we might see a massive push to the downside soon!
In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as the invalidation point for this bearish prediction on Ethereum.
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
What Is Ethereum Up To Now?
Ethereum is currently pushing up in today’s trading. However, this price push-up might not last long as we expect to see more sellers begin to pour into the market in the coming days.
There is a very high probability the Ethereum price will retest the Base Channel of The Ascending Channel pattern forming a bearish breakdown and price retest before selling back down.
So in the coming days, we expect to see this push higher in price begin to fade as bearish momentum grows.
Invalidation Point For This Ethereum Bearish Prediction!
Our invalidation point for this Ascending Channel pattern is the $1,308 highs price created before selling off earlier this week.
As far as the Ethereum bears can keep the Altcoin price below this $1,308 resistance/invalidation point in the 1-hour timeframe, we will remain bearish on Ethereum and continue to expect a further push to the downside.
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
