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In our previous Ethereum analysis Ethereum Sell-Off Far From Over! Watch This Bearish Continuation Pattern, we talked about the Horizontal Channel pattern and warned our readers of a higher possibility for the Ethereum price to slow down and retrace a bit from this current sell-off we have been seeing play out for weeks now.
But we also warned that this retracement is in no way a sign of growing bullish strength for the Ethereum price especially if we don’t manage to break through that Channel Resistance level on the 1-hour timeframe.
Well, that prediction played out perfectly, Ethereum had a deeper retracement but stayed below the Channel Retracement on the 1-hour timeframe. This is a clear sign that sellers are still in the ETH market.
In this Ethereum analysis, we will be talking about the key levels to watch as well as what we believe might play out in the Ethereum 1-hour price chart in the coming days.
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Ethereum Still In Bearish Territory
The ETH sellers are still in full control of the market and will remain in full control of the market as far as ETH continues to trade below the Channel Resistance Level on the 1-hour timeframe.
This Channel resistance level is from a bearish continuation pattern called the Horizontal Channel Pattern we have been tracking since yesterday. Ethereum Sell-Off Far From Over! Watch This Bearish Continuation Pattern
This pattern indicates there is a very high likelihood for us to see Ethereum continue to drop to the $1,715 key support in the coming days. But can the ETH bulls fight back?
What The Bulls Must Do To Stop This Coming Sell-Off
For the bulls to stop this coming sell-off, they need to push the Ethereum price above the Channel Resistance Level first.
This 1-hour key level is where we are seeing more bearish pressure come into the market and if the ETH bulls can take that out, this will show signs of growing strength and open the way for us to see even more bullish rallies in the coming days.
Final Verdict!
The Ethereum price is doomed to resume its sell-off in the coming days if we continue to trade below the Channel Resistance Level on the 1-hour timeframe.
This level is the line in the sand because a price break of this key resistance will indicate that the Ethereum bulls are beginning to fight back and gain ground on the 1-hour timeframe.
But until that happens we can say the Ethereum bull might be dead.
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