The Ethereum price has recovered most of the losses it sustained in yesterday’s bearish market. This sell-off was caused after the Ethereum price broke through the ascending channel pattern currently playing out in the 15 minutes timeframe Ethereum Bulls Running Out Of Steam! Watch This Key Pattern.
And we believe this sell-off is far from over! Continue reading to find out the key levels we are watching and our bearish prediction on Ethereum!
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Ethereum Is Still Bearish!
We believe the Ethereum price is still very bearish and this bullish rally we are seeing play out right now is just a price retest of the ascending channel pattern before the sell-off continues.
If this bearish prediction plays out, we can expect to see the Ethereum sell-off resume very soon, pushing the price back down towards the $3,731 support region in the 15 minutes timeframe.
ETH Key Levels To Watch
The key level we are keeping our eyes on is the $4k price region. This price region has served as a major resistance for Ethereum before and might continue to do so in the coming days.
We will only remain bearish on Ethereum as far as the price continues to trade below this key resistance. A price break and close above this resistance invalidate our bearish bias and point to a potential rally for Ethereume.
Final Verdict!
The Ethereum sell-off is far from over! We believe this current rally in Ethereum is just a price retest before the bearish trend back down to $3,731 continues.
But for this bearish prediction to remain valid, the Ethereum price must continue to trade below the $4k resistance region in the 15 minutes timeframe. A break of this key resistance invalidates our bearish bias on Ethereum.
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