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The Ethereum price is still ranging within the converging pattern on the 4-hour timeframe and might continue to do so all through today. However, we are seeing a quick bearish opportunity building up within this converging pattern.
If this plays out, we might see Ethereum crash more than 15% in value in the next 24hrs. And in this analysis, we will be talking about the key levels we are watching as well as the potential for this bearish move to occur.
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The $2,025 ETH Key Level!
Ethereum recently just broke through and retested the $2,025 key level on the 4-hour timeframe, confirming our short-term bearish bias for Ethereum in the coming days.
If this bearish bias plays out we could see history repeat as the Ethereum price drops 15% in value back down to the base channel of the converging pattern.
But for that to happen, the $2,025 key resistance must hold! A break of this resistance could see bullish pressure push the Ethereum price higher in the coming days, invalidating this bearish prediction.
How Will This Affect Altcoins?
If Ethereum sells off, we can expect to see the Altcoin market follow it. One of the Altcoins we are currently monitoring is the Chainlink 4-hour chart.
The Chainlink price just broke through and retested key support on the 4-hour timeframe. This is very bearish for Chainlink especially at a time we are expecting to see a sell-off in the Ethereum price.
If the Chainlink bulls don’t find a way to push the price back above that $16 key support now turn resistance, there is a very high probability that we might see a massive sell-off in the Chainlink price soon!
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