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We have been tracking a possible bearish Pattern in the Ethereum 1-hour timeframe for the past few days Ethereum Testing This Support! Will It Break? This bearish pattern indicated that we might see up to -a 14% price dump in the ETH price soon.
But for that bearish move lower to be confirmed, the Ethereum bears must push the Altcoin price below the $1,238 minor support first.
Well, the price has finally broken under this $1,238 support exactly as we predicted. Should we be expecting a more aggressive push to the downside soon? Find out the key levels we are watching and more in this Ethereum TA.
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Understanding The Ethereum Trend!
The Ethereum price has been in bearish territory ever since the Altcoin price broke below the $1,400 price region. This price region is now being used as a major resistance zone against Ethereum.
For the Ethereum price to move higher, we need to see the bulls break through and push past this resistance zone first. But instead of more bullish volume coming into the market, we instead started a reversal pattern Ascending Channel Pattern form around this key level.
The image below is what a completed Ascending Channel Pattern should look like. This is the kind of price action we want to see play out in Ethereum in the coming days.
Ethereum Price Breaking Down
By breaking below the $1,238 minor support, the ETH price might have confirmed the start of a possible sell-off soon!
We expect to see this sell-off push prices back down to $1,073 in the coming days. But for this bearish prediction to remain valid, the Ethereum price must stay below the $1,308 high it made.
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