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In our previous Ethereum analysis Warning: Is Ethereum About To Crash? Watch This Key Support, we talked about the $2,445 major support level in the Ethereum 4-hour timeframe and how a price break below this key level could lead to a massive sell-off in the ETH price.
Well as of the time of publishing this ETH TA, the price of the Altcoin has officially broken below this $2,445 previous support and is now gathering bearish momentum for the potential dump to the $1,715 price level in the coming days.
In this Ethereum analysis, we will be breaking down what this price dump could look like as well as the key levels we will be keeping our eyes on in the coming days.
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Ethereum Bearish Prediction!
The Ethereum price is looking very bearish and will remain so if the Altcoin continues to trade below the $2,445 key level in the 4-hour timeframe.
We are seeing a lot of sellers capitalize on this key resistance to enter the market and try to push the ETH price down. If this bearish pressure continues, there is a very high probability that we might see the Ethereum price crash by more than -25% in the coming days.
This massive sell-off would push us back to the $1,715 price level where we are seeing another key support playing out.
Is Ethereum Officially In A Bearish Market?
While a lot of traders might be screaming the end of Ethereum, we do believe the Altcoin price still has a fighting chance. And that fighting chance comes in the form of the $1,715 key support in the 4-hour timeframe.
If this support holds, there is a very high probability we might just see the Altcoin bounce back up, as it has previously done from this key region in the past.
Final Verdict!
The Ethereum price is currently selling off right now, but this sell-off might be over soon.
The key level we are watching is the $1,715. We believe there is a very high probability for us to see a price crash to this key region in the 4-hour timeframe before buyers begin to step back into the market.
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