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The Ethereum price is currently trading within an Ending Diagonal Pattern in the 1-hour timeframe. This pattern is a reversal pattern and it increases the odds of us seeing a massive sell-off in the Ethereum price in the coming days.
When you combine that with what the Ethereum price is doing right now, we see a clear picture of a growing bearish bias on the Ethereum 1-hour price chart.
Right now Ethereum is testing the key resistance of this Ending Diagonal Pattern, and if history repeats itself, there is a very high probability that prices might sell off from here soon!
In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as our bearish prediction for the ETH price in the coming days.
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Ethereum Needs to Break This Key Support To Sell Off
The key support we are currently watching is the $1,961 price level. This key support will need to break for the Ethereum sell-off to begin.
Right now, this key support is still holding strong. Meaning that the ETH bulls are still fighting to keep this key level and push prices higher.
This makes it very important for us to wait for a clear break and close below this $1,961 key support in the 1-hour timeframe before looking for any bearish trade setups in the coming days.
So for right now, we stand aside and wait to see how the Ethereum price reacts with this $1,961 support level as the day goes on.
Bearish Targets For Ethereum
There is a very high probability that we might see the price sell back down to the base of the Ending Diagonal Pattern in the coming days. This is a possible -10% dump in the value of Ethereum.
However, the first minor support we might see the ETH price sell-off to is the $1,851 key region. There is a very high probability that ETH will sell off to this key region before facing any major support.
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