The value of the crypto market tumbled today as we saw a massive sell-off in price across the board. The ETH price led the Altcoin dump, crashing as low as 5% in a matter of hours.

This bearish sell-off was highly anticipated, as we published various analyses warning our readers of the Ascending channel key resistance the Ethereum price was testing earlier Warning: The ETH Sell-off Might Not Be Over! Watch This Pattern.

In this Ethereum analysis, we will be talking about the bearish targets we are watching as well as the key levels we believe must hold for this bearish prediction to remain valid.

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Is The ETH Sell-off Over?

The key resistance we are still keeping our eyes on is this ascending channel pattern in the 4-hour timeframe. We have seen this level push prices back before and it might continue to do so for the foreseeable future.

As far as the Ethereum price continues to trade below this key level in the 4-hour timeframe, our bearish bias on the Altcoin remains valid. This makes this level the critical turning point for the Ethereum trend.

ETH Trading At Key Support

Right now, Ethereum is trading at the $2,887 horizontal key level in the 4-hour timeframe. This level has served as both support and resistance on numerous occasions in the past and is doing so again now.

However, this $2,887 support is looking weak as we have seen multiple instances where the ETH price broke and closed below it.

This simply means that there is a very high probability that we might see Ethereum break through this $2,887 horizontal support and continue to heading lower in the coming days.

Final Verdict!

We are still bearish on ETH and believe the Altcoin still has the potential to trend even lower in the coming days. But for this bearish bias to remain valid, the Ethereum price must continue to trade below the ascending channel key resistance level in the 4-hour timeframe.

A price break of this key resistance puts an end to this sell-off we are currently witnessing and points to a potential price reversaL

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