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The Ethereum price is trading at a major resistance zone right now! This $2,298 price zone has been held since 2022, making it a major institutional level to watch for in the coming days.
The last time the ETH price got to this $2,298 level, we saw a unique price action play out before a massive sell-off followed. Right now, we are seeing this same unique price action about to happen again!
In this Ethereum analysis, we will be breaking down exactly what we are watching right now, as well as our bearish price scenario for Ethereum in the coming days.
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Ethereum Inverse Head and Shoulders Pattern!
The last time the Ethereum price got to the $2,298 institutional level, we saw an Inverse Head and Shoulders Pattern form in the 4-hour timeframe.
This pattern faked out a lot of bullish traders before the Altcoin price sold off aggressively!
Well, that Inverse Head and Shoulders Pattern is forming again! And what makes this more alarming is that this new inverse head and shoulders pattern is forming around the region the previous one did before!
So if you are bullish right now, you need to be cautious of this potential bearish setup.
So What Now?
For now, we are still bearish on Ethereum! We believe the Altcoin price is still getting ready to sell off in the coming days.
One of the key patterns we have been tracking for this bearish scenario is the Massive Head and Shoulders Pattern currently playing out in the 4-hour timeframe.
You can check out this article to find out all about it: ETH Breaking Below This Key Support As Predicted! What Now?
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