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The Ethereum price is currently testing a key resistance channel in the 1-hour timeframe. This price level has served as key resistance for the Ethereum price chart. And we have seen the 1-hour timeframe respect this level over and over again in the past.
This key channel also makes up the other half of the Ending Diagonal Pattern the Ethereum price is currently forming in the 1-hour timeframe. And this Ending Diagonal Pattern also points to a potential sell-off for Ethereum also.
You can read all about this Ending Diagonal Pattern and the bearish price scenarios we can expect in the coming days in our previous analysis Warning: This Pattern Indicates A Potential Sell-Off For Ethereum Soon!
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Ethereum Getting Ready To Sell-Off
The key level we are watching right now is the key resistance channel the ETH price is currently testing in the 1-hour timeframe.
If this resistance level holds, there is a very high probability that we might see the Ethereum price sell back down in the coming days.
So in the coming days, we will be keeping a close eye on this 1-hour resistance level to see how Ethereum will react to it.
Final Verdict!
We believe the Ethereum bullish rally is running out of steam. And in the coming days, we expect to see the rally come to an end and for the bears to take control.
Right now, Ethereum is testing a key resistance in the 1-hour timeframe. If this resistance holds, there is a very high probability the ETH sell-off will start very soon!
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