In our previous Ethereum analysis Ethereum Bullish Prediction Playing Out! Key Levels To Watch we talked about the bullish prediction we made on Ethereum as well as the key pattern and levels we were currently watching in the 15 minutes timeframe.
Since publishing that article, we have seen little to no bullish volume come into the Ethereum market. This lack of bullish volume in Ethereum is a telling sign of a changing sentiment in the crypto market.
This change in sentiment was caused by the fall of FTX, and since then we have seen the ripple effects affect everyone in the industry. There is still a level of panic going on with more traders opting to stay on the side lines for now.
In this Ethereum analysis, we will be talking about how this changing sentiment may have affected the ETH price chart and the key levels we are currently watching.
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What Next For Ethereum!
This crypto panic caused by FTX is affecting the Ethereum push higher. We have seen little to no bullish volume come into the market since we broke out of the Converging Pattern in the 15 minutes timeframe.
This lack of bullish volume as led to Ethereum selling back off before reaching our bullish target. However, we do not believe the Altcoin is in any bearish trend yet.
For us to enter a bearish trend the Ethereum price would have to break below a key support that we have been talking about in the 15 minutes timeframe.
ETH $1,170 Key Support!
This $1,170 key support is the lie in the sand for Ethereum. As far as the bulls can defend this 15 minutes key support, there is a very high probability for us to see a price bounce in the Altcoin very soon!
However, if this level gets broken, this would invalidate our bullish bias in Ethereum and indicate a possible sell-off lower in the coming days.
So for now, we will keep a close eye on this level to see if the bulls can defend it and keep the hops high for a bullish rally.
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