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The bigger picture for Ethereum is looking very bearish. We are seeing a repeat of a price action we saw play out earlier this year.
If this bearish prediction plays out, there is a very high probability that we might see a massive sell-off for the Altcoin price in the coming days!
In this Ethereum analysis, we will be talking about the key levels we are currently watching and why we believe Ethereum might be on its way lower!
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Ethereum Repeating Previous Price Action!
When we take a closer look at the current Ethereum price action, we see a lot of similarities in the current prices with what we saw earlier on in April before Ethereum went on to sell off more than -75% in a matter of months.
This repetition in both price pattern and look only indicates we might see a sell-off like this play out again sooner or later.
What Can We Expect In the Coming Days?
In the coming days, we can expect to see the Ethereum price continue to creep lower as more sellers pour into the market to support this price sell-off.
But for this bearish pattern to remain valid, the Ethereum price must respect and continue to trade below the $2,062 key resistance level in the Daily timeframe.
As far as Ethereum continues to trade below this $2,062 key resistance, our bearish structure on Ethereum will remain valid.
Final Verdict!
The bigger picture trend for Ethereum is pointing to an aggressive bearish trend about to take place.
If this plays out, there is a very high probability that we might see Ethereum move lower and continue all through the month of November and maybe into December.
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