Table of Contents
In our previous Ethereum analysis Ethereum Bearish Prediction Playing Out Exactly! What Next? we talked about the descending channel pattern that was playing out on the 1-hour timeframe and how the base channel of this pattern could serve as a potential key support for the ETH price to bounce off in the coming days.
However, Ethereum just broke through that key level and is currently trading below it on the 1-hour timeframe. This opens up the way for us to see more sell-off in the coming days.
And in this Ethereum analysis, we will br talking about the next big level to keep your eyes on and what we believe might playout next on the ETH price chart.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Deposit Bonus Campaign is now live! First-time depositors can get up to a $4,100 Bonus when you sign-up and fund your Bybit account with our Bybit link.
ETH Next Big Support
With the descending channel pattern broken, there is a very high probability for us to see more sell-off in the coming days. And the next big key support we are watching is the $2,720 horizontal key level on the 4-hour timeframe.
The last time the Ethereum price got to this level, we saw a massive rejection playout. This means this level might serve to stop the current sell-off again if ETH were to get to this region in the coming days.
How Do We Plan To Trade This!
Well, Ethereum is currently selling in a straight line with little to no opportunity to gt into the move down. So, we stand aside and wait for a high quuality pattern to show itself in the coming days.
And right now, we are waiting to either see a bearish continuation form as the ETH price moves lower or ooking to take advantage of a bullish bounce once the ETH price as dumped to the $2,720 key support.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 50% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
