Table of Contents
In our previous Ethereum analysis Is Ethereum Getting Ready For One Last Dump To The DownSide? Watch This Bearish Pennant Pattern, we warned our readers of the Bearish Pennant Pattern that was currently forming in the 1-hour timeframe and how this key pattern indicated that we might see renewed selling pressure come back in on Ethereum.
Well, that bearish prediction is playing out exactly as we predicted and in this ETH analysis, we will be talking about the new key levels we are currently watching as well as the likely target for this price dump.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Deposit Bonus Campaign is now live! First-time depositors can get up to a $4,100 Bonus when you sign-up and fund your Bybit account with our Bybit link.
Ethereum Key Levels!
By breaking and closing below the Bearish Pennant Pattern in the 1-hour timeframe, the Ethereum price confirmed the bearish sentiment traders are currently having on the Altcoin.
We believe there is a very high probability that we might see this bearish pressure continue to push the ETH price even lower in the coming days.
The key level to watch for is the $2,162 previous highs. Unless this key resistance in the 1-hour timeframe is taken out, there is a very high probability we might just continue to see more selling pressure come into the market in the coming days.
Likely Target For This Bearish Sell-off
For our bearish target, the first key level that comes to sight is the $1,715 previous lows.
This $1,715 price level serves as a major support to Ethereum in the higher timeframe and might be the best target to expect the ETH bears to push the prices back to in the coming days.
However, we don’t know if this $1,715 support will hold. So in the coming days, we will be keeping a close eye on this $1,715 price level to see how Ethereum will react to it.
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.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
