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In our previous Ethereum analysis, Ethereum Might Surge Soon! Watch This Channel Support we talked about the Ascending Channel Support forming in the 1-hour timeframe.
We also warned our readers that this Ascending Channel Support could either serve as a bullish booster if respected or we could see a sharp decline in price for the short term if it gets broken!
Well, that sharp decline is what we are witnessing playing out today. The Ethereum price is already down more than -6% today alone! And while a lot of traders might be panicking we already saw it coming and warned our readers about it.
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How Long Do We Think This Sell-Off Would Last?
We believe this crash back down is just a pullback for the uptrend, and that pullback is almost over! Once this pullback ends, we can expect to see the Ethereum sell-off come to an abrupt end.
There is a very high probability that we might see this bearish move back down totally reversed by tomorrow. And we believe this is true because the Ethereum uptrend is far from over!
Our bullish target is gotten from the converging triangle breakout very visible in the 1-hour timeframe. And that bullish target for Ethereum is the $4,000 price region
Final Verdict!
The Ethereum price is still in the bullish territory on the higher timeframe, the sell-off we are seeing play out today is just a price pullback in the uptrend.
Once this pullback is over, there is a very high probability that we would see Ethereum resume the move higher.
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