Table of Contents
In our previous Ethereum analysis Ethereum Push Up Continue! But Wait! we warned our readers of the MACD Bearish Divergence that was forming in the 15 minutes timeframe and how this imbalance in volume could cause the Ethereum bullish rally to slow down and possibly reverse in the coming bays.
Well, that slowdown is already happening right now in the ETH price chart. Ethereum is currently forming a mini range in the 15 minutes timeframe, and this mini range is creating a channel pattern for us to track!
In this Ethereum analysis, we will be breaking down the key levels we are currently watching, what this slowdown in the bullish rally means, and the possible price scenarios that might play out in the coming days.
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What Next For Ethereum?
In the coming days, we will be keeping a close eye on this Channel pattern to see how the ETH price breaks out of it.
And even though the Ethereum rally might generally be getting weaker, there is still a possibility that we might see one last bullish surge to the upside before the ETH price finally tops out and starts reversing.
This possibility of one last upside move makes it very important for us not to jump into any sells early. Jumping in early will only lead to our stops getting hunted.
Final Verdict!
We are still very bearish on Ethereum for the short term and believe this rally-up might be over-extended. However, we are still standing aside and waiting for more price conviction that the sell-off has finally started.
Right now, we are seeing the ETH bullish rally slow down and begin to range in the 15 minutes timeframe. However, there is still a small possibility that we might see one last move up before the rally tops out and begins to reverse.
For now, we are still not sure what the price wants to do so we stand aside and continue to watch it develop. To become a professional trader, you need to avoid low probability/confusing situations and that is exactly what we are doing right now.
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