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The Ethereum price just sold off massively earlier today. While this massive dump in price might have been driven by fundamental news (the release of the CPI data for the U.S), we are currently seeing a bigger picture playout of a key pattern in the Ethereum price chart.
This bigger picture might help us better understand what the ETH price is doing right now, and what we can expect to happen in the coming days.
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Ethereum Bigger Picture!
In the Ethereum 1-hour timeframe, we are seeing the ETH price currently play out in a massive Expanding Channel Pattern.
This pattern is very important for the ETH price because it helps us better understand the key levels to watch and the main zones we could begin to expect bullish pressure in the coming days.
And one of those key levels we are currently keeping a close eye on is the base support of the 1-hour Expanding Channel Pattern. This level has held in the past and might continue to serve as the main support for the ETH price in the coming days.
Ethereum Bullish Prediction!
We believe this massive sell-off in Ethereum might be coming to an end very soon! The key pattern we are currently watching is the Expanding channel Pattern currently forming in the 1-hour timeframe.
If this key pattern holds, we might see the Altcoin price find support and bounce from that base channel in the coming days.
So for now, we will be keeping a very close eye on this key level to see how the price interacts with it.
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