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The Ethereum price has been all over the place on the smaller timeframes, with no one knowing exactly where the Altcoin price is going next.
However, when we zoom out and move higher to the Daily timeframe, we immediately see a key level that was recently broken by the ETH price.
This Ascending Trendline has been respected by the ETH bulls for more than 2 years now, and this price break below it is very significant to the Ethereum trend.
Will we see a massive sell-off in the coming days? Continue reading to find out the key levels we are currently watching as well as our bias for Ethereum for the days to come.
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What Is Happening Now On Ethereum?
We will be very straightforward, Ethereum is looking bearish and set to move lower on the Daily timeframe.
This break and now retest of that Ascending Trendline on multiple occasions only signifies that the price and sentiment for the Altcoin might have just switched!
Ethereum created this trendline during the start of the 2020 bull run and has not fallen below it until now. This means that previous support is now acting as a major resistance against price, and that could have a negative effect on Ethereum in the coming days.
Key Levels To Watch For On ETH
There are two major key levels on our chart right now.
- $3,567 major resistance we want to see the ETH price continue trading below and
- The $1,715 major support we believe the ETH price will head for in the coming days.
If the ETH price stays below this $3,567 major resistance in the coming days, we believe there is a very high [probability that this ETH bearish pressure will kick in sooner or later pushing the price down.
Our key bearish target is the $1,715 price level. This is a more than -40% drop in the value of Ethereum, making it a major move to keep your eyes out for.
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