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The Ethereum price has been selling off exactly as we predicted in our previous analysis Ethereum Bear Market Far From Over! Get Ready For a 16% Dump.
This price decline has seen the Ethereum value drop more than -9% in less than 24 hours. However, this Ethereum sell-off is still far from over.
We are still predicting that the ETH price may continue to head lower in the coming days. This move lower may see us touching the $2,362 price level in no time. But right now, Ethereum is just halfway there.
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Ethereum Minor Levels To Watch Out For
The first minor level to watch out for is the $2,593 horizontal level. We have seen this level serve as minor support and resistance for Ethereum on numerous occasions in the past.
If the Ethereum price respects this $2,593 level again in the coming days, we might see a slight consolidation or price push back up around this key price region before the sell-off continues again.
Final Verdict!
Despite the $2,593 minor support region on the 4-hour tomeframe, we are still very bearish on the Ethereum price and believe the bears will break through this price region and continue heading lower in the coming days.
With that being said, we also believe that the Ethereum price might range a bit around this $2,593 key level before the sell-off continues. This makes this key level the perfect region to take partial profit from your sell trade while waiting for the ETH sell-off to continue.
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