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In our previous analysis, ETH Ready To Make A Massive Move! Watch This Key Pattern we talked about the converging triangle pattern currently forming on the Ethereum 1-hour timeframe and why we are looking to take advantage of only a bearish breakout in the coming days.
Well, that bearish prediction is still playing out. However, Ethereum is still yet to break out. In this ETH analysis, we will be updating our readers on what the price is currently doing as well as the key levels we will be keeping our eyes on in the coming days.
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Ethereum Converging Pattern!
We expect the ETH price to play out like the image above but right now, the Altcoin is still ranging sideways within the converging triangle pattern on the 1-hour timeframe.
This range is very expected and the key level to watch for is the $3,623 key support on the 1-hour timeframe. For the sell-off to begin, the Ethereum price must break below this key support and continue to trend lower.
ETH Sell-Off Confirmation!
For the Ethereum sell-off confirmation, we want to see the Ethereum price clearly break and close below this key support on the 1-hour timeframe.
A break below this key level confirms the end of the sideways market on Ethereum and the beginning of the price crash down. Until this breakdown occurs, Ethereum might just continue to trade sideways in the coming days.
Invalidation Point For This Bearish Move
For the invalidation point, we want to see Ethereum continue to trade below the $3,825 horizontal resistance. A break above this key resistance invalidates our bearish bias and points to a change in trend for Ethereum.
This makes this level the perfect place to place stop losses once we get out bearish confirmation that the ETH sell-off has started.
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