Yesterday, we saw the Ethereum price do an “about turn” and start pushing higher. However, we warned our readers that the bullish rally would be short-lived and we can expect to see bearish pressure come back into the market sooner or later.
Well, that bullish momentum has now totally faded away as sellers are pouring into the market to assert dominance. This kind of show of power by the bears is a great indicator confirming that Ethereum is still very much bearish and the sell-off is not over.
The pattern we are tracking to take advantage of this move lower for Ethereum is the Bearish Flag Pattern we see forming in the 4-hour timeframe. Read more about why we remain bearish on Ethereum here ETH Bulls Fighting Back! But Is The Sell-Off Over?
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What Is Ethereum Upto Now?
Well right now, we are seeing Ethereum currently trade sideways in a mini-ranging market that is forming on our way lower.
This kind of range is normal because “Prices never move in a straight line”. We expect to see various impulsive waves and retracements all through our push to the downside.
So this range is just part of the process and we continue to expect Ethereum to break to the downside once it is over.
Ethereum Price Prediction!
The key level to watch for on Ethereum is the $1,250 resistance zone in the 4-hour timeframe. As far as the Ethereum price continues to trade below this 4-hour resistance zone, we can expect our bearish bias to remain valid.
So in the coming days, we can either expect to see Ethereum break through this ranging market and push lower like in the image above.
OR
We can expect to see one last push-up back to the $1,250 resistance zone before collapsing back down like the image below.
No matter what the Ethereum price decides to do, we are still bearish on the Altcoin and belive we will continue our bearish decent for now.
In Other News…
How will the possibility of a 2023 Recession affect Cryptocurrencies next year?
The Cryptocurrency industry was created with a belief that “this would serve as the digital gold”. However, we are still yet to see that kind of economic hedge begin to take place.
Right now, cryptocurrency is still very correlated with traditional finance. So if we do see a recession in 2023, we can expect the crypto market to take a hit too.
However, it is important to note that the “crypto move lower across the board is finally slowing down and we are seeing the crypto bulls battle all the way to stop this sell-off in price“. This is a great sign that the bearish appetite in the industry is finally fading out.
What we need now is just the perfect economic recovery to push the market up and start off a new bull run.
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