Table of Contents
In our previous analysis, Why Is Ethereum Bearish? Understand The Bigger Picture We talked about the bigger picture for Ethereum and identified the 2 unique bearish patterns we are currently tracking in the 4-hour and 15-minute timeframe.
In this Ethereum analysis, we will be going a step further and identifying a major institutional level in the Higher timeframe! And what the ETH price must do to stop any more price sell-off from happening in the coming days.
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ETH Major Institutional Resistance
The Ethereum price has attempted to rally to the upside over and over again these past few weeks now. And the main reason we have seen all these bullish rallies fail is because the Altcoin price is right now trading at a major institutional level in the Daily timeframe.
We have seen this $2,298 resistance region serve as a major price level the ETH price has been unable to break through since 2022!
Running into this $2,298 major level now only means we can expect to see massive selling pressure pour into the market as the bears fight to defend this major institutional level from the Daily timeframe.
What The ETH Bulls Must Do To Stop Any More Sell-Off
For the ETH price to enter the bullish territory and stop any further sell-off, we need to see the Altcoin price break through and close above the $2,298 key resistance level in the Daily timeframe.
Until the ETH bulls can manage a bullish breakout like this, we will continue to face mounting bearish pressure come into the market.
So for now we are still bearish on Ethereum and only looking for bearish patterns we can take advantage of in the lower timeframes. And right now, the 2 patterns we have found are the:
- The Head and Shoulders pattern in the 4-hour timeframe and
- The Flag pattern forming right now in the 15-minute timeframe.
Check out our previous ETH TAs to keep track of what is currently happening with the price.
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