The Ethereum price is seeing a lot of bullish push today as buyers are stepping in and struggling to stop the bleeding currently going on in the Ethereum price chart.
This recent inflow of buyers as being pushing the ETH price up all through the day, making a lot of f traders wonder if this might finally be the end of the bearish trend for Ethereum.
Well in this ETH analysis, we will be talking about the key levels we are currently watching, the key pattern that is currently playing out, and what Ethereum must do to invalidate this bearish pattern.
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What Is The Ethereum Price Doing Right Now?
Well, the key pattern we are still tracking is the Bearish Flag Pattern currently playing out in the Ethereum 4-hour timeframe.
This pattern is very important because it provides us with a structural way to take advantage of this ETH potential move to the downside. And this bounce we are seeing right now is a reflection of the Ethereum bulls trying to cancel out this pattern and fail.
This failure only reveals the current weakness of the Ethereum price and increases the possibility for us to see this move lower continue into the week.
What The ETH Bulls Must Do To Stop This Sell-Off
The only way the Ethereum bulls can stop this sell-off is by invalidating the 4-hour bearish flag pattern currently playing out.
To do that. the Ethereum bulls will need to push the prices back above the $1,250 minor resistance zone in the 4-hour timeframe.
A bullish move back above this zone creates a higher-high (bullish price structure) and cancels out the bearish flag pattern we have been tracking.
However, this is still yet to happen and this $1,250 resistance zone is still holding strong. And as far as it continues to hold, we will remain bearish and continue to expect the ETH sell-off to continue.
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In Other News…
Can This Crypto Bear Market Ever End?
A lot of crypto enthusiast and investors are beginning to look discouraged at how long this crypto bear market has lasted. And with industry giants like FTX going belly up and Binance looking like they might be coming under federal investigation, the future to some might be looking gloomy.
But during times like this, it is important to step back and see how far we have really come as an industry in just a few years. And while the market might still be selling off, we are seeing global adoption surge like never before.
Know this: crypto is the money of the future and sooner or later the market will begin to reflect this growing adoption and sentiment.
And when this happens, we will see a bull run like never before. But for right now, we trade the short-term price movement and continue to wait, never losing up as to how far we can still go as an industry for the future.
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