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In our previous analysis Ethereum Testing This Key Support For The 4th Time! Will It Hold? we warned our readers of the growing bearish pressure on Ethereum and how the price was forming an Ascending Channel Pattern on the 1-hour timeframe.
This pattern is so important because it has repeated itself over and over again all through this Ethereum price downtrend that has lasted for months now.
And every time it showed up, it was always serving as a precursor for the price selling-off even more.
What Is Happening Right Now?
Well, that bearish prediction is playing out exactly! The Ethereum price just broke through the support level for the Ascending Channel Pattern on the 1-hour timeframe and is now trending lower.
In this Ethereum analysis, we will be talking about the key levels to watch as well as the price targets we expect Ethereum to get to in the coming days.
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Key Levels To Watch!
For this Ethereum bearish price action to remain valid, the price of the Altcoin needs to stay below the $2,743 key level on the 1-hour timeframe.
We have talked about this level on numerous occasions in our previous analysis, and right now the Ethereum price is back below it, we expect to see it act as a strong resistance.
This means we might see the ETH price rally back to retest it before continuing lower in the coming days.
Ethereum Bearish Target
For our first target, we are watching the Ethereum previous lows around the $2,177 price level.
There is a very high probability that we might see the ETH price crash towards this key level in the coming days. This is a 17% crash in Ethereum, and if the price breaks below that first target, it could be much more.
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