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The crypto market took a massive plunge today after weeks and weeks of sideways trading and lowing volume bullish moves playing out across the whole market.
Leading the Altcoin sell-off across the board is the Ethereum price. This Altcoin saw more than a 7% dump in a matter of hours, moving more than it has done in days now! But is this sell-off over and what should we be expecting next from the ETH price chart?
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Ethereum Just Invalidated A Bullish Reversal!
For weeks now, we have been tracking the ETH price breakout from a converging triangle pattern on the 1-hour timeframe Ethereum Breaking Out Exactly As Predicted! Watch This Key Level. This breakout indicated a higher probability of the Altcoin rallying higher in the coming days, with the most important key level we were watching to support this bullish prediction being the $3,887 key support.
However, Ethereum has invalidated this bullish prediction by breaking through this key support. This increases the probability for us to see more sell-off in the coming days. But there is no valid trade setup available as of yet!
There is still a very high probability that we might see the price surge back up above this key level like we have seen occur on numerous occasions in the past! This makes this level a very volatile region to watch and see what the ETH price decides to do in the coming days.
New Levels To Watch Now!
The new level to watch now is the previous highs. If Ethereum can remain below this $4,187 price level, there is a very high probability that the Altcoin might just continue to drift lower in the coming days.
Ethereum already tried to break through this $4,187 level on numerous occasions and failed to, this means there is a very high amount of selling pressure building up in that region.
Final Verdict!
The Ethereum bulls have failed to push the price higher, increasing the chances for us to see the ETH price continue to drift lower in the coming days.
What we are on the lookout now for are bearish trading setups. But as of yet, no bearish setup has become available on the ETH price chart, so we stand aside and wait!
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