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In our previous Ethereum analysis, ETH Failed To Break Through $1,679 Again! Why Is This Level So Important? we talked in-depth about the $1,679 key resistance and why the ETH bears were defending it so vigorously.
We also warned our readers of the potential for us to see a price crash from this key level if the bulls continue to fail to break through it in the coming days.
Well, that price crash has happened but the sell-off might be far from over! In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as our bearish target for this move lower in the coming days.
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What Is The ETH Price Doing?
The image above is what the Ethereum price currently looks like at the time of posting this TA.
We can clearly see the Altcoin test the $1,679 key resistance level and fail to break through it before the price dump started!
We can also see the massive volume this ETH sell-off had has bears pushed the Altcoin price below the $1,566 support zone that has held for weeks now, indicating that the sell-off is far from over!
By breaking this $1,566 key support zone, we expect to see more selling pressure come into the market in the coming days. This selling pressure can easily push the Altcoin price down to the $1,461 previous support or even lower.
What Now For Ethereum?
We are now bearish on the Ethereum price and we believe the Altcoin might still want to move lower in the coming days.
The key level we are keeping our eye on is this $1,566 (previous support, now resistance) zone in the 1-hour timeframe.
We want to see this level get defended by the ETH bears as the Altcoin gathers more momentum and gets ready to continue pushing lower.
If this bearish prediction plays out, there is a very high probability that we might see the ETH price sell off to the $1,461 previous support level in the coming days.
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