In our previous ETH analysis Warning: ETH Bullish Prediction Playing Out! But Bitcoin Can Change That, we warned our readers of the slowing momentum in the Ethereum price and how that could affect this bull run we are seeing play out on the crypto market.
Less than 24 hours after that Technical analysis, Ethereum is already forming a bearish structure on the 15 minutes timeframe. This bearish structure points to a likely sell-off in Ethereum soon!
And in this Altcoin analysis, we will be breaking down the key levels we are watching for ETH both in the short-term 15 minutes timeframe and the longer-term 4-hour timeframe.
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The ETH $3,288 Key Resistance
The Ethereum price has struggled to break through this $3,288 horizontal resistance on numerous occasions on the 15 minutes timeframe and failed. We even saw a bullish fakeout occur before Ethereum crashed back down below the key resistance.
As far as Ethereum continues to trade below this key resistance, we can expect the Ethereum price to continue to retrace even more in teh coming days.
But this Ethereum retracement in no way means the Ethereum rally has ended!
For us to become bearish on Ethereum, the price needs to break through key support on the 4-hour timeframe.
ETH Still Bullish On The 4-hour Timeframe. Why?
The ranging market and potential sell-off we are seeing in the ETH 15 minutes timeframe is merely a retracement for the 4-hour timeframe rally.
The key level we are watching on this timeframe is the $2,836 horizontal price level. As far as Bitcoin continues to trade above this key support level on the 4-hour timeframe, we will remain bullish on the ETH price.
For a full breakdown of this $2,836 key level and our bullish price analysis read our previous Technical analysis on ETH Warning: ETH Bullish Prediction Playing Out! But Bitcoin Can Change That
We believe ETH is still very bullish on the higher timeframe and there is a very high probability for us to get to the previous ATHs soon. However, for the main time, ETH is retracing after having more than 95% gains this year alone!
This is very normal and does not put an end to the Ethereum rally just yet. We can expect to see the altcoin boom continue once this current pullback ends.
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