The crypto market had an aggressive push-up today with Ethereum price currently trading at about +5% from its previous lows. But while other analysts might be screaming “this is the end of the bear market” we on the Bitcoinsensus team were prepared for this potential push-up and warned our readers of this possible bounce in price.
We also talked in-depth in our previous technical analysis ETH $1,150 Minor Support Still Holding Strong! What Now? why this bounce does not mean an end to the Ethereum sell-off and what we expect to see once it is over!
Well, in this Ethereum analysis, we will be breaking down the current Ethereum price action, the key levels we are watching, and what we are waiting to see in the coming days.
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The Ethereum Sell-Off Is Not Over!
The most important level to watch for Ethereum is the $1,348 key resistance in the 4-hour timeframe.
We have been talking about this key level and will continue to talk about it because it is very important to the Ethereum trend!
As far as the Altcoin price continues to trade below this key resistance in the 4-hour timeframe, our bearish Ascending Channel pattern will remain valid.
And as far as this pattern remains valid, we can expect to see the Ethereum price eventually sell off back down to the $1,070 price target.
This $1,070 price level is the standard target for this pattern, and there is even a very high probability that we might see Ethereum break through it and go lower in the coming days.
The image below is what a completed Ascending Channel pattern looks like. This is the kind of price action we expect to see play out in Ethereum in the coming days.
We are still bearish on Ethereum and will remain bearish until our target is smashed or the price reverses and breaks through the $1,348 key resistance.
None of this has happened yet, so we continue to expect Ethereum sellers to resume the push lower in the coming days.
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In Other News…
How will this talk of a possible economic recession in 2023 affect the crypto market?
The crypto market has lost more than -75% of its value so far. And with the talk of a possible recession in 2023, this bear market might not be over just yet!
However, the move lower is beginning to slow down, showing us signs that investors are not willing to sell off their crypto holdings in this deep. This is a good sign because it indicates a lot of people still believe in this industry.
And as we continue to see more global adaptation of Blockchain technology and cryptocurrencies in general, we expect to see this bearish trend begin to reverse.
And just like the tech/.com boom (with the likes of Amazon, Facebook, and Google), we might see a new bull run that would last for ages and make so many millionaires from this industry in the nearest future!
But first, we need to undergo this pain and market cleansing.
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