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The Ethereum price has been trending lower for weeks now! However, we believe that this ETH bearish move might be coming to an end soon.
Right now, the ETH price is gradually approaching major support in the Daily timeframe. This support was gotten from the Channel Pattern the Ethereum price has been trading in and respecting to this day.
If this key support holds, there is a very high probability that we might see the ETH price bounce and begin to rally back up in no time.
However, in this Ethereum analysis, we will be breaking down the key levels we will be watching to spot the exact time the ETH sell-off ends.
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Spotting The End Of The Ethereum Bear Trend!
All through the Altcoin sell-off, the Ethereum price has been moving lower within a Descending Channel Pattern clearly visible on the higher timeframes.
This pattern has over time caged the ETH bearish movement, giving us price levels to watch for Ethereum to find support or resistance around as it continues to move lower.
The image below is a typical example of what a Descending Channel Pattern looks like and what we can expect to happen to the price once this pattern is completed.
How Can This Descending Channel Pattern Help us?
Well, in the coming days we will be looking for the Ethereum price to find support and bottom out.
Once that happens, the Descending Channel could be a useful tool to spot exactly when the ETH price will break out of that bearish-down trend on the higher timeframe and start to move back higher.
So in the coming days, we will be keeping our eyes on these two patterns (the Channel Support and the Descending Channel Pattern) to see how price reacts and interacts with them.
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