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In our previous Ethereum analysis ETH $1,347 Key Support Holding As Predicted! What Now? we talked about the unique ZigZag Pattern that was currently forming in the ETH 1-hour timeframe and how this could indicate a potential rally for the Altcoin price in the coming days.
Well, that bullish prediction has played out exactly! And right now we have recovered all the losses Ethereum had during the price plunge caused by the Silvergate Bank crash earlier this week.
However, this recovery rally might be coming to an end soon! In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as what we believe the ETH price might be up to next!
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What Now For Ethereum?
Well right now, the Ethereum price is retesting a key previous support now turned resistance in the 1-hour timeframe. We expect to see the ETH bears come in and try to defend this $1,520 key level in the coming days.
If this $1,520 key level holds, there is a very high probability that we might see the ETH price begin to sell off from this region soon!
Final Verdict!
The Ethereum price is still in a longer-term sell-off on the higher timeframes, the bullish rally we are currently witnessing has a very high probability of being a small pullback before the Altcoin sell-off resumes.
So for now we are watching the ETH price closely to see if the bulls will continue to fight or if the bears will take over the market again.
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