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The Ethereum bulls are struggling to retain control of this market. We have seen multiple rallies and bullish patterns that failed to yield any substantial move to the upside.
And the reasons for this bullish failure are numerous, right now we are still seeing a lot of bearish fundamentals for the crypto market and the economy in general, we are still seeing an outflow of cash from risky investments to safe havens as the FEDs continue to hike interest rates, and the SEC is beginning to crack down and try to regulate the crypto sector.
If you combine all these key factors, you can easily paint a clear picture as to why the ETH bulls might be weak. The question now is, should we expect more sell-off in the coming days?
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The Most Important Support For Ethereum Right Now!
For days now, we have been tracking a key Bullish Flag Pattern that has been forming in the 1-hour timeframe. This pattern gives us a sliver of hope that maybe Ethereum might be ready to resume its bullish move higher.
However, for this pattern to remain valid, the ETH price must respect and continue to trade above the $1,566 key support level in the 1-hour timeframe.
This level is the most important zone for the ETH bulls right now and must be protected at all costs. A price break below it could only indicate a potential sell-off in the coming days.
What Now For Ethereum?
Well, for now, all eyes are on the $1,566 key zone in the 1-hour timeframe. If the bulls want to regain control of this ETH market, we need to see the Altcoin price continue to respect and trade above this key zone.
A price break below this $1,566 support region not only invalidates the Bullish Flag Pattern, it also invalidates our bullish bias on Ethereum and indicates a potential price crash coming.
So for now, we wait and see if the ETH bulls can defend this key support.
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