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The Ethereum bulls continue to battle with the 4-hour key resistance region we talked about in our previous analysis What Ethereum Must Do For This Bullish Rally To Continue
However, something is beginning to take shape in the lower time frame. And the last time this pattern took shape, we saw a massive sell-off in the Ethereum price.
In this Ethereum analysis, we will be going to the lower timeframe and breaking down the key pattern that is currently forming right now in the 15 minutes timeframe.
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Will History Repeat On The Ethereum Price Chart?
The last time the Ethereum price attempted to break through this $1,400 price region, we saw the bulls face massive selling pressure around this key region before falling back lower.
However, a key Double Top Pattern formed before that massive sell-off began. And right now Ethereum is attempting to break out again, we are seeing that Double Top Pattern form again!
And it is not just that this pattern is forming right now, but that this Double Top Pattern is forming exactly at the same price region as the previous one!
What Does This Mean For Ethereum?
A Double Top Pattern is a reversal pattern. And by forming at the $1,400 key resistance level, it is increasing the possibility for us to see history repeat itself in Ethereum in the coming days.
The image below is a closer look at the 15 minutes double-top pattern as well as the $1,315 Neckline Support that must be broken to confirm the start of the sell-off for this pattern.
The question now is “can the bulls manage to hold the ETH price above this key support in the coming days?”
If Ethereum breaks below this $1,315 Neckline support, there is a very high probability that we might see a small sell-off playout in the coming days.
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