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The crypto market remained undecided through today as the prices of the two biggest cryptocurrencies Bitcoin and Ethereum continued to trade sideways all through today.
However, that ranging market might be over soon for Altcoins as the Ethereum price just retested and failed to break through a very key resistance on the 1-hour timeframe.
This failed rally is a very bearish sign for Ethereum and points to a higher probability of a continued sell-off in the coming days.
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The $3,127 Key Resistance
The $3,127 key resistance on the 1-hour timeframe is very important for ETH as the break below it confirms the completion of the converging pattern and the likely crash lower in the coming days.
If Ethereum continues to trade below this key resistance, we can expect to see the Altcoin price sell-off even more.
Ethereum Bearish Price Targets!
For our likely bearish target, we are watching the $2,838 horizontal support on the 1-hour timeframe. This is the first support ETH needs to break through before it can continue heading lower.
However, if this key support holds, we might see a bounce in the Ethereum price in the coming days.\
For a full breakdown of our bullish price prediction on Ethereum, read our previous ETH analysis Ethereum Selling Off. Here is Why It Won’t Last!
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