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The Ethereum price has been playing out exactly as we predicted in our previous analysis Decision Time For Ethereum. Break Up Or Break Down?
In that TA, we warned our readers of a possible final surge in price before the overall sell-off begins for Ethereum.
Well, that price prediction has played out exactly! And we believe in the coming days we might see a massive sell-off happen in price.
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What Next For Ethereum?
This final surge up in the Ethereum price created a Double Top Price Scenario for Ethereum in the 15 minutes timeframe. This Double Top pattern is a very high-quality reversal indicator that signifies the ETH sell-off might have started!
For this Double Top Pattern to remain valid, we need to see the Ethereum price continue to trade below the $1,635 key resistance level in the 15 minutes timeframe.
Has far as the price stays below this $1,635 key resistance, there is a very high probability that this Double Top Pattern will play out pushing the Ethereum price back down toward the $1,489 previous support in the coming days.
Final Verdict!
We are still bearish on the Ethereum price for the short term! The key pattern we are watching right now is the Double Top pattern currently playing out in the 15 minutes timeframe.
But for this pattern to remain valid, we need to see the ETH price continue to trade below the $1,489 key resistance. If this level hold, Ethereum could see a more than -5% drop in value.
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