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In our previous Ethereum analysis, ETH Bearish Prediction Invalidated! What Now? we warned our readers of the $1,635 major resistance just up ahead in the 15 minutes timeframe.
Well, the Ethereum price has just tested this key zone and is currently rejecting it. In this Ethereum analysis, we will be talking about this price rejection as well as the Head and Shoulders Pattern forming right now.
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Ethereum Rejecting This Key Level
By failing to break through this $1,635 resistance region, there is a very high probability that we might see more sellers come into the market and try to continue pushing the Altcoin price down.
The pattern that supports this possible bearish sell-off is the Head and Shoulders Pattern currently forming in the 15 minutes timeframe.
If this pattern plays out, there is a very high probability that we might see the Ethereum price sell-off back down to the $1,617 price level in the coming days.
Key Levels To Watch!
For this Head and Shoulder pattern to remain valid, the Ethereum price must continue to trade below the head part of the head and Shoulder pattern.
A price break above this $1,666 high could see Ethereum pushing even higher in the coming days.
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