In our previous Ethereum analysis More Bearish Signal For Ethereum! Watch This Ending Diagonal Pattern we identified a key bearish reversal pattern and also warned our readers of a possible price dump back to $1,170 very soon.
Well, that bearish prediction played out exactly with the bears stepping into the Ethereum market and pushing the Altcoin price lower to this key level.
In this Ethereum analysis, we will be talking about what we believe might happen next as well as this Head and Shoulders pattern that might be forming right now!
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What Next For Ethereum?
The Ethereum price is currently trading at a minor support level in the 1-hour timeframe. And for this move lower to continue, we need to see the Altcoin break and close below this $1,153 support.
A bearish breakdown like this below this $1,153 support could easily see us pushing down toward the $1,070 previous lows in no time.
We are also seeing the potential for a Head and Shoulders Pattern to form around this key level. We will be keeping a close eye to see what the Ethereum price does in the coming days.
Final Verdict!
We are still bearish on the Ethereum price and believe the ETH sell-off might not be over just yet.
The key level we are currently watching is the $1,153 key support in the 1-hour timeframe. Can the bears push the Altcoin price below this level in the coming days?
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