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In our previous Ethereum analysis Urgent! Is Ethereum About To Sell Off Again? Watch This Key Level! we identified the Key Ending Diagonal Pattern that was forming in the 4-hour timeframe and warned our readers of the possible price sell-off about to happen.
Well, that ETH bearish prediction is playing out exactly! And in this Ethereum analysis, we will be breaking down the bearish price target we are currently watching as well as the key levels that are right now in play.
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ETH $1,815 Bearish Target!
The Ethereum Ending Diagonal Pattern is playing out exactly as we predicted! And we believe the sell-off is not over yet.
In the coming days, we expect to see the ETH price continue to push back down to the $1,815 previous support level in the 4-hour timeframe.
This is a potential -3% sell-off still yet to happen in the coming days. So for now, we will remain bearish on this ETH price and continue to expect more bearish momentum to the downside in the coming days.
Key Levels To Watch!
The most important key level for Ethereum right now is the $1,977 previous high!
As far as the ETH price can continue to trade below this key resistance, we expect this bearish Ending Diagonal Pattern to play out and smash our bearish target.
So in the coming days, we expect to see more sellers begin to pour into the market in order to defend this $1,977 key resistance level in the 4-hour timeframe.
Final Verdict!
We are bearish on Ethereum right now! The key pattern that supports this bearish bias is the ETH Ending Diagonal Pattern currently forming in the 4-hour timeframe.
This Ending diagonal pattern indicates there is a possibility we see the Ethereum price sell-off back down to the $1,815 key support level in the coming days.
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