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In our previous Ethereum analysis Ethereum Testing This Major Resistance! What Now? we identified the key Triangle Pattern Ethereum was currently trading in on the 15 minutes. We also talked in-depth about how the resistance channel of this pattern could serve as a massive level the Ethereum bears might defend.
Well, fast forward to less than 24 hours of posting that TA, we have started seeing the ETH price sell-off. The question now is how low can we expect this sell-off to go?
In this Ethereum analysis, we will be talking about the key support we are currently watching as well as the possible price scenarios to watch out for in the coming days.
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ETH $1,257 Key Support
The most important support for the Ethereum bulls right now is the $1,257 horizontal support in the 15 minutes timeframe.
This support is a critical level for Ethereum because if prices break and close below this $1,257 support, there is a very high probability that we might see a massive sell-off follow.
A sell-off like this could easily push the ETH price by more than -10% to the downside in a matter of days.
What Ethereum Must Do To Stop This Short-Term Sell-Off
The only the Ethereum price can bounce back from the sell-off and begin to rally higher in the short term is if this $1,257 key support gets respected.
As far as Ethereum continues to trade above this 15 minutes key support, there is a very high probability that we might see a bounce and push higher for the Altcoin.
But that support needs to hold at all costs for this bullish scenario to even be possible.
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