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In our previous Ethereum analysis, Ethereum Bearish Divergence Points To A Coming Sell-Off! we warned our readers of the multiple bearish signals flashing on the Ethereum 1-hour price chart yesterday.
One of the most prominent of those signals was the Ethereum Bearish Divergence that formed between the price and the MACD indicator.
This divergence indicated a growing weakness in the Ethererum price and was forming at a key resistance level.
Well, since publishing that article, Ethereum has fallen more than -6% and showing signs that the Altcoin sell-off might not be over yet.
In this Ethereum analysis, we will be updating that bearish prediction by giving you more information about the key supports the ETH price is about to test and what we expect might happen in the coming days.
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Ethereum Key Support!
The Ethereum sell-off might be far from over! We believe there is a very high probability that we might see the ETH price continue to trend lower back to the bottom of the Ascending Channel Pattern the price is currently trading in.
We have seen this kind of price structure play out before, and there is a very high probability that it might play out again in the coming days.
However, there is a minor support that is currently standing in the way. The ETH price must break through this minor support first to keep on heading down.
ETH $2,976 Minor Support
We saw the ETH price consolidate around this $2,976 price level as the price was initially heading higher. This means ETH might also find support around this price level and consolidate for a bit as it is slowly heading back down.
This minor support must be broken for the Ethereum sell-off to continue. In the coming days, we will see how the price reacts to this $2,976 price level on the 1-hour timeframe.
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