In our previous Ethereum analysis ETH Setting Up For A Massive Move! Get Ready we talked about the Triangle pattern that was forming in the 15 minutes timeframe, and the key channel support the ETH bears had to break below to confirm the start of the Altcoin sell-off
Well, the ETH price tested that channel support and held, And right now, the ETH price is about to make a major decision in the coming days. In this Ethereum analysis, we will be breaking down the key levels we are watching and what we think might happen next.
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Decision Time! Watch These ETH Key Levels
There are two major key levels right now in the Ethereum 15 minutes timeframe. The direction the Ethereum price will take in the coming days will depend on what key level that gets broken.
But right now, due to higher timeframe confluence, we are bearish on Ethereum. And we see a bearish Triangle Pattern trying to play out in the 15 minutes timeframe.
For this Triangle sell-off to be confirmed, we need to see the ETH price break through and close below the $1,786 key support level in the 15 minutes timeframe.
A price breakdown like this could easily see ETH selling off aggressively in the coming days.
For a full break down of our bearish target check out this TA ETH Setting Up For A Massive Move! Get Ready
The Invalidation Level!
For this ETH bearish prediction to remain valid, we need to see the Altcoin continue to trade below the $1,836 key resistance level in the 15-minute timeframe.
As far as the Ethereum price can stay below this key resistance, we will remain bearish.
However, if the bulls manages to push the ETH price above this $1,836 resistance, this invalidates our bearish bias and indicates to a possible rally playing out instead.
We are still very bearish on Ethereum. Right now, we are just watching that Triangle Pattern form and waiting for price to make a decision.
If price breaks below $1,786 and continues to push down, this could mean a massive sell-off about to play out. So for now, we continue to watch and wait.
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