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The Ethereum price rallied back up today from the $1,153 key support we talked about in our previous analysis ETH Bearish Target Smashed! What Next?
In that analysis, we made it clear to our readers that Ethereum cannot push lower until it breaks and closes below the $1,153 key support in the 1-hour timeframe.
That support is still holding strong for now. What can we expect the prices to do next?
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Ethereum Key Levels!
Right now, the Ethereum price is trading back up at the $1,233 previous resistance in the 1-hour timeframe.
This level remains the most important resistance for the bears because if the Ethereum price breaks and closes above this $1,233 zone, we can expect to see more bullish moves higher.
So for Ethereum to remain bearish, sellers need to keep the price trading below $1,233 for now.
What Next For Ethereum!
There is a potential Head ad Shoulders pattern forming just below that $1,233 key resistance level in the 1-hour timeframe. However, for this pattern to remain valid, Ethereum must respect and continue to trade below the $1,233 key resistance.
This just ties in so well with why this $1,233 resistance is a critical level for the Ethereum price and one we expect to see ETH sellers try to defend in the coming days.
So in the coming days, we will be keeping a close eye on this $1,233 key resistance to see if it will hold. We can only remain bearish on Ethereum if this key resistance continues to hold.
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