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In our previous Ethereum analysis Ethereum Ending Diagonal Pattern Playing Out Exactly! we identified the Ending Diagonal pattern currently playing out in the 15 minutes timeframe and also indicated the key support that must be broken to confirm this bearish bias on Ethereum.
Well Since publishing that TA, we have seen the Ethereum price sell-off below this $1,508 key support, encounter bullish pressure, and reverse higher.
What does this bullish reversal mean for our bearish sentiment on Ethereum and is this Ending Diagonal Pattern still valid right now?
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Key Levels To Watch on Ethereum!
Yes, we believe the Ethereum bearish prediction and the Ending Diagonal Pattern are still valid for now and will remain valid as far as the Altcoin price continues to trade below the previous highs of $1,594.
If the ETH bears can keep the Ethereum price below the 15 minutes resistance, there is a very high probability that we might even see a Double Top Pattern play out!
But our bearish bias can only remain valid if and only if Ethereum respects this key resistance and continues to trade below it!
But What Happens If Ethereum Breaks Above $1,594
The only way for the bulls to take back control of this market and continue pushing the Ethereum price higher, we will need to see a clear price break and close above the $1,594 key support in the 15 minutes timeframe.
If this level gets violated, this might be a great indication that the bullish rally might not just be over as we through!
But for now, we watch and wait to see if the bears can hold on to this $1,594 resistance level and begin pushing Ethereum back down.
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