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In our previous Ethereum analysis Ethereum Getting Ready For A Massive Move! Watch This Key Pattern, we talked about the converging triangle pattern currently forming on the 4-hour timeframe and what it meant for the Ethereum price both for the short term and long term.
This pattern offers us key levels to watch for and right now, Ethereum is attempting to test the key resistance of this pattern in the coming days.
In this Ethereum analysis, we will be talking about the two key levels to watch for and why we believe the Ethereum sell-off might not be over yet.
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Ethereum Price Resistance!
There are two key levels we are watching right now on the Ethereum price. We believe these key levels have the potential to stop and reverse any bullish rally Ethereum might attempt in the coming days.
1) The Converging Triangle Pattern Resistance
The first key level we have our eyes on is the converging triangle pattern key resistance on the 4-hour timeframe.
This level might serve as a key resistance region the Ethereum price might be unable to break in the coming days. If the ETH price gets to this level, there is a very high probability that it would reverse and sell off again.
However, if a miracle happens and Ethereum manages to break through it, there is another key level to watch for just above that pattern resistance and we will be talking about that key level below.
2) $3,200 Horizontal Resistance!
The second key level we are watching is the $3,200 horizontal resistance also on the Ethereum 4-hour timeframe.
There is a very high probability that Ethereum might not be ready to make it past this key level right now. And even if the Altcoin invalidates the converging triangle pattern, the price will still face stiff resistance and probably crash back down once it gets to this $3,200 horizontal price level.
This means that any bullish rally we are currently seeing play out in Ethereum right now might turn out to be a bull trap in the coming days.
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