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Is The Ethereum Sell-Off Over?
Yesterday, we saw a bearish fakeout to the downside, as Ethereum broke through a key support level for the Ascending Channel Pattern the ETH price has been trading in for weeks now.
However, that breakdown was invalidated as Ethereum surged back up today. But this rally in price only pushes Ethereum back into the Ascending Channel Pattern and a ranging market again.
The big question now is:
Can the Ethereum bulls breakthrough this Ascending Channel pattern and keep on pushing the ETH price higher?
A price breakout from this pattern to the upside would end the current multi-month bearish trend for Ethereum and begin to make a new move to the upside.
In this Ethereum analysis, we will be talking about the two price scenarios that might play out and what to expect in the coming future.
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Ethereum Key Resistance!
The first level the Ethereum bulls need to worry about is the resistance level of the Ascending Channel pattern currently forming in the 1-hour timeframe.
If the ETH bulls fail to break through this key pattern, there is a very high probability that we might see a massive rejection and a potential sell-off in price in the coming days.
This sell-off could push Ethereum back down ending this current bullish rally even before it starts.
Ethereum Bullish Price Scenario!
For the bullish price scenario, we want to see the ETH price break and stay above the Ascending Channel Pattern on the 1-hour timeframe.
A bullish move like this would signal the end of the ETH move lower and the potential move to the upside in the coming days.
Final Verdict!
The Ethereum price is still undecided in what direction it wants to trend to in the coming days. The price of the Altcoin is currently ranging within an ascending channel pattern on the 1-hour timeframe.
And as far as ETH remains within this key pattern we can expect to see sideways trading continue on the pair as price bounces off between the two key levels.
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