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In our previous prediction Is The ETH Sell-Off Over? Read This Before You Buy! we warned our readers of a potential sell-off in Ethereum and the key levels we are currently watching.
Well, that prediction is playing out exactly! However, we believe the Ethereum sell-off might not be over just yet. There is a very high probability that we might see more bearish pressure come into the market as the day goes by.
In this Ethereum analysis, we will be breaking down our bearish target for Ethereum as well as the key levels we are currently watching.
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Ethereum Sell-Off Far From Over!
The key pattern we are watching is the Triangle Pattern currently playing out in the 15 minutes timeframe. The Ethereum price has just broken below this key pattern indicating that the bears are in full control of this market for now. But how low can we expect this sell-off to go?
The Triangle pattern has its own standard target and for Ethereum, that bearish target is the $1,112 price level.
So in the coming days, there is a very high probability that we might see the ETH price continue to sell off toward this $1,112 price level before encountering any major support in the coming days.
Final Verdict!
We are still bearish on Ethereum and we believe there is a very high probability that we might see the Altcoin continue to push lower in the coming days.
The key pattern supporting this bearish bias in Ethereum is the Triangle Pattern currently playing out in the 15 minutes timeframe. If this pattern plays out exactly, we might see the ETH price sell-off towards the $1,112 price level soon!
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