The Ethereum bulls are fighting hard to stop any further drop in the ETH price. However, the key support we have been watching for a while now is only hanging on by a thread!
In our previous analysis Warning! $1,707 The Most Important Support For Ethereum Right Now!, we talked in-depth about this $1,707 key level and how the ETH price break below it could signify the start of a major move lower for the Altcoin.
Well, that bearish breakdown is still yet to happen, pointing to a possibility that the ETH bulls are not ready to allow any further move to the downside.
In this Ethereum analysis, we will be giving you an update on what is currently going on as well as the possible price scenarios to watch out for in the coming days.
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What Is Ethereum Really Upto?
Well, the market just broke down from this ‘up-ish’ Ending Diagonal Pattern it has been trading in, indicating that the bulls might be getting weaker and we should be expecting a price sell-off soon.
And when you compare this current Ending Diagonal looking price pattern that we are currently seeing in the ETH 4-hour timeframe and the normal examples of what an Ending Diagonal Pattern should look like, we see a lot of similarities.
And in this example, we see the price begin to sell off steply once this pattern was completed. Check out the reference image below.
So Why Is Ethereum Not Selling Off?
Well, while forming this Ending Diagonal Pattern in the 4-hour timeframe, the ETH price respected a key level over and over again. This key level eventually became the $1,707 minor support region we have been talking about.
And for the ETH sell-off to start, we need to see the ETH price first break and stay below this key minor support.
Right now, the bulls are still defending this level. And if they can hold on to it, there is a possibility that might cancel out this bearish pattern and just keep on pushing the price higher.
However, if this $1,707 key support fails, we can expect to see our Ending Diagonal pattern sell off to just begin.
So for now, everything hangs on this key support! Can the ETH bulls hold on?
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