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The Ethereum price has been rejecting strongly from this key resistance on the 4-hour timeframe. But why and what does it mean for the Altcoin?
In our previous Ethereum analysis Must Read: Ethereum Forming Massive Inverse Head And Shoulder Pattern!, we talked about the importance of this key level and how it also stands as the Neckline region for the Inverse Head and Shoulder Pattern that was currently forming on the Ethereum 4-hour timeframe.
This Inverse Head and Shoulder Pattern is so important because “it is a bullish reversal pattern” and if it plays out can change the Ethereum trend from bearish to bullish, kicking off a massive rally in price in a matter of days.
So it is no surprise that the Ethereum bears are fighting hard to stop it from happening. The massive rejection we are currently seeing playout only confirms the importance of this key pattern and the Neckline region.
In this Ethereum analysis, we will be breaking down the Ethereum bearish outlook and talking about how the Ethereum bears can stop a change in the Ethereum trend and continue pushing the price lower.
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Why Are We Seeing So Much Selling Pressure.
We can divide the Ethereum price chart into two zones: “the bullish zone” and “the bearish zone”. Right now, Ethereum is in the bearish zone and the Ethereum bears are fighting to keep it in there.
The massive selling pressure we saw push price lower today can be described as a reply by the Ethereum bears to the potential bullish rally about to play out.
What Can We Expect?
As far as the Ethereum price continues to trade below this Neckline region and stay in the bearish zone, we can expect to see more sell-off in price in the coming days.
The big question traders are now asking is
Can the Ethereum bulls break through this Neckline region and push us out of bearish territory in the coming days?
Only a bullish breakout like this can save us from going any lower on Ethereum.
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