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Since the beginning of this week, we have been tracking the Bearish Pennant Pattern currently playing out in the Ethereum 1-hour timeframe. We predicted that once this pattern was completed, there was a very high probability that we might see a rapid sell-off back down to the $1,715 price level Is Ethereum Getting Ready For One Last Dump To The DownSide? Watch This Bearish Pennant Pattern.
Well, fast forward to yesterday when we saw that bearish breakout and a quick fall in price, confirming our bearish bias on Ethereum and indicating a move lower in the coming days.
However, right now the bulls are fighting back! Pushing the price back up and stopping the move lower. But we do believe there is a very high probability that this Ethereum sell-off might not be over just yet and in this ETH analysis, we will be breaking down why!
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Why Ethereum Sell-Off Might Not Be Over Yet!
The Ethereum price is right now already trading back around the Pennant Pattern in the 1-hour timeframe. This sudden reversal in price has a lot of traders worrying that this might be the End of the move down and a change in trend is imminent.
Well, for us we are still bearish on Ethereum and will remain bearish on the Altcoin until the price can break through the $2,162 key resistance level in the 1-hour timeframe.
As far as the Ethereum price continues to trade below this $2,162 key resistance, we will remain bearish on the Altcoin and continue to look for a further move to the downside.
What Can We Expect In The Coming Days?
Well, we believe there is a very high probability that we are currently witnessing a breakout and retest of price.
If this breakout and retest theory holds true, there is a very high probability that we might see the Ethereum sell-off continue once this price retest is completed.
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