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Ethereum is currently in a bearish trend in the 1-hour timeframe. We are seeing the price form structures that indicate we might see more sell-off in a bit.
The image above is a clear example of what a typical bearish trend looks like. When we compare it to the current price structure forming right now in ETH, we can see a lot of similarities forming.
These similarities indicate that we might see the Ethereum price resume its movement lower in the coming days.
In this Ethereum analysis, we will be talking about the key Fibonacci levels we will be watching and what we expect to see the ETH price do in the coming days.
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Watch These ETH Fib Levels
Ethereum is currently heading to key Fibonacci levels in the 1-hour timeframe. These fib levels are very important because they could serve as key resistance against price in the coming days.
The two key levels we are watching right now are the 38.2% and the 50% fib levels. There is a very high probability that we might see the Ethereum price rally towards these levels before resuming its sell-off back down.
This gives us an Ethereum resistance region from the $1,850 to the $1,896 price range in the 1-hour timeframe.
Final Verdict!
We believe the Ethereum price is about to make a new move lower in the coming days. The key resistance we are watching is the $1.850/$1,896 resistance region in the 1-hour timeframe.
This resistance region falls between the 38.2% and the 50% Fibonacci retracements, key reversal points for prices.
So in the coming days, we will watch to see how the price reacts to these levels.
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