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In a previous Ethereum analysis Urgent: Ethereum Getting Ready For A Massive Move Soon! we warned our readers that Ethereum might be getting ready to make a massive move soon!
Well, that move might be happening anytime from now! Because right the ETH price is testing a major support level in the 4-hour timeframe.
This support is the base channel of the Descending Triangle Pattern the ETH price has been trading in for weeks now! If this pattern support breaks, there is a very high probability that we might see a big move to the downside in the coming days.
The image above is a typical example of what that bearish move might look like. And in this Ethereum analysis, we will be breaking down the key levels we are watching as well as the bearish confirmation that needs to occur for our sell bias on Ethereum to be valid.
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Ethereum Potential Sell-Off! What Needs To Happen?
Right now the ETH price is testing the base support of the Descending Triangle Pattern. And this $1,684 support has been held over and over again in the past.
The question now is can the bears finally break through this $1,684 key support level?
A bearish breakdown like this is the confirmation we need to indicate the start of the sell-off for Ethereum in the coming days. Until this breakdown occurs, it is best to stand aside and wait for that confirmation first.
What Happens If Price Can’t Break This $1,684 Key Level?
If Ethereum fails to break through this key support, there is a very high probability that we might just see history repeat itself. Because every time Ethereum tested this $1,684 key level and failed to breakthrough, a bullish rally has always followed!
That might be the case again for Ethereum, this makes it very important to wait for that bearish confirmation of a price break below this $1,684 level before looking for any sell setup!
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