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In our previous Ethereum analysis Ethereum Sell-Off Far From Over! we warned our readers of the possible traffic ahead and how this might slow our bearish drop in price down a bit.
The $1,150 minor support is a key level we saw the Ethereum price respect in the past and right now, we are seeing the Altcoin find it a bit difficult to break below.
In this Ethereum analysis, we will be breaking down what we are currently watching on the 4-hour timeframe as well as what we believe might happen in the coming days.
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Is The Ethereum Sell-Off Over?
No, we don’t believe the Ethereum sell-off is over! However, we are seeing the market rest a bit after that volatile move down. Once this resting phase is completed, there is a very high probability that we might see the Altcoin resume its push lower.
This resting phase is also creating some kind of channel pattern for Ethereum in the lower, confirming that this is a price retracement and not a change in trend.
We believe that once this price retracement is over, there is a very high probability for us to see Ethereum resume its push to our bearish target of $1,070.
If you want a full breakdown of how we got this bearish target, then check out our TA ETH Bearish Prediction Playing Out Exactly! Watch These Levels
ETH Key Levels To Watch!
The most important level for Ethereum right now is the $1,348 previous high. For us to remain in the bearish territory, we do not want to see the Altcoin price moving past this level and making new highs.
So as far as Ethereum continues to trade below this key resistance we will remain bearish on the Altcoin.
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