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For weeks now, we have been talking about the Ethereum major resistance zone on the 4-hour timeframe. This zone spans from $3,280 to $3,026 and offers us a Kill Zone to watch for bearish price action in the coming days.
Right now, the Ethereum price has fianally gotten to the outskirts of the Kill zone and we expect to start seeing more volatility come into the market soon.
This kill zone also lies at the resistance channel of the converging triangle pattern Ethereum is currently trading in, providing us a price/pattern confluence to watch for on the 4-hour timeframe.
In the coming days we will be watching cearfully to see how the Ethereum price will react/act in this region.
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What Are We Expecting Next?
We believe the Ethereum price is extended to the upside at this point, and there is a very high probability for us to start seeing more bearish pressure buildup and sip in to the price action on the 4-hour timeframe.
Once this bearish pressure becomes too much for the bulls to handle, we expect to see panic selling and a price crash in the coming days. This price crash will likely drag the Ethereum price back down to the base channel of the converging triangle pattern before finding any major support again.
Key Levels To Watch Out For!
The most important key level to watch out for is the $2,820 minor support on the 4-hour timeframe.
A price break below this minor support is the signal we need to confirm the start of the Ethereum sell-off.
Once price breaks below this $2,820 key level on the 4-hour timeframe, there is a very high probability that we might see more bearish pressure come into the Ethereum market and push the ETH price down faster, leading to a snow ball effect.
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