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In our previous Ethereum analysis, Ethereum Just Broke Through This Minor Support as Predicted! What Next? we talked about the potential sell-off about to happen on the Ethereum 1-hour price chart and the key levels we were currently watching.
Well, that Ethereum bearish prediction is playing out exactly as we predicted. However, the price is still yet to touch our bearish target for this Ethereum sell-off.
In this ETH analysis, we will be giving you an update on what price is doing and keeping the bigger picture in focus.
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Ethereum Bearish Prediction Playing Out Exactly
Since publishing our last TA, we have seen the Ethereum bears come back into the market with full force, pushing the Altcoin price back down.
This move lower was anticipated by us because taking look at the bigger picture, we can see clearly that the Ethereum price is currently trading within a Triangle Pattern in the 1-hour timeframe.
And this triangle offers us key levels to watch for the ETH price to find support and rejection from in the coming days. As far as this pattern continues to hold, we can to some certain sense of accuracy predict what the Ethereum price might be doing next.
And with that understanding, we know there is a very high probability that the ETH sell-off might not be just over yet! We still have a few ways to go before the ETH price retests the base support of the triangle pattern in the 1-hour timeframe.
And in the coming days, we expect to see the Ethereum price continue to push lower back down to this support region for the triangle pattern.
Ethereum $1,109 Bearish Target
Our main target for this move lower in the Ethereum price is the $1,109 price level. We believe there is a very high probability for us to see the ETH price sell-off to this price region in the coming days.
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