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In our previous Ethereum analysis, ETH Key levels To Watch For we talked about the $1,308 resistance level as the immediate key level the ETH bears must defend if they want to keep pushing the price lower.
Well right now, the Ethereum price has traded back up to that $1,308 level again. In this Ethereum analysis, we will be breaking down what might happen soon and the key levels we are currently watching in the 1-hour timeframe.
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Ethereum Bearish Prediction!
For our Ethereum bearish prediction to remain valid, we need to see the $1,308 key resistance level continue to hold in the 1-hour timeframe.
If the bears can hold on to this key level, there is a very high probability that we might see the Ethereum push to the downside resume in the coming days.
What Happens If The ETH Price Breaks Through?
A price break above the $1,308 key resistance level in the 1-hour timeframe creates a bullish structure for the Altcoin. However, even with this bullish price structure, the Ethereum bulls still face massive resistance at the $1,417 key zone.
We talked in-depth about it in our Ethereum Running Into Major Resistance. Get Ready!
The combination of all these major resistance on the higher timeframe is the reason we remain bearish and believe that Ethereum will sell off sooner or later.
Final Verdict!
We are still bearish on Ethereum and believe there is a very high probability for us to sell off soon. However, for us to take advantage of this move lower we need to find a high-quality bearish pattern.
The ascending Channel pattern matches this description and is currently playing out in the 1-hour timeframe. For this pattern to remain valid, we need to see the $1,308 key level hold.
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