Table of Contents
In our previous Ethereum analysis Ethereum Getting Ready For A Massive Move! Watch These Levels, we talked about the converging triangle pattern forming on the Ethereum 4 hour timeframe.
That pattern is holding strong but Ethereum is currently testing the base of this channel.
[primexbt]
Is It Time To Sell?
Ethereum is currently testing the base of the converging triangle pattern, if this support holds strong (like it has been doing) we can expect to see Ethereum bounce and rally back up to the converging top channel.
However, if Ethereum breaks through this support there is a very high probability that the sell-off in Ethereum will resume. The key level to watch for on the Ethereum price chart is the $2,262 price level.
This horizontal support is the key level to watch, a price break below this support confirms the start of the Ethereum sell-off.
Point Of Invalidation!
The $2,935 resistance is the key level we are watching the Ethereum bears hold. As far as the price continues to trade below this resistance, we are going to remain bearish on the Ethereum price.
However, a break above the $2,935 resistance signifies the end of the Ethereum sell-off and the resumption of the bullish trend. But until this happens, Ethereum has a very high probability of selling off in the coming days.
[primexbt]
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.
