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The Ethereum price has been following our price prediction now for weeks! And in our most recent analysis, Ethereum Bearish Prediction Playing Out! Slight Consolidation Ahead? we talked about the $2,593 minor support on the 4-hour timeframe.
We warned our readers that the Ethereum price might consolidate or even see small buying pressure come into the ETH market from this region in the coming days before the bearish sell-off continues.
Well, fast forward to right now and we can clearly see that prediction playing out exactly on the Ethereum price chart.
In this Ethereum analysis, we will be giving a follow-up to that analysis and talking about the key levels we are watching and what we believe might happen in the coming days.
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ETH Key Levels To Watch!
The most important key level to watch right now is the $2,593 minor support on the 4-hour timeframe. As far as the key level continues to hold, we can say Ethereum is still in a mini range or retracement.
For the sell-off to continue, the Ethereum price must break through and close below this minor support. Only then can we see a further sell-off to the next key support region around the $2,262.
A sell-off like this would be a -10% decline in the value of Ethereum and could play out in the coming days.
A Look At The Bigger Picture For Ethereum
On the bigger picture, Ethereum is still trading in a Converging Triangle Pattern and this pattern is currently forming on the 4-hour timeframe. The bearish sell-off we are currently witnessing and analyzing is just one of the legs of the triangle pattern and is just a short trade.
For the Ethereum larger picture, we are still waiting for this converging triangle pattern to complete and for the Ethereum price to finally break out and begin to trend again on the larger timeframe.
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