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In our previous analysis Ethereum Trading Around This Invalidation Level! What Next? we talked in-depth about the importance of the $1,308 key resistance to the ETH bears.
This resistance also served as the invalidation level for the Ascending Channel pattern we have been tracking for a couple of days now Ethereum Running Into Major Resistance. Get Ready!
In this Ethereum analysis, we will be updating you on what the Ethereum price is doing right now and what we believe might happen next.
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ETH $1,308 Resistance Holding Strong!
The Ethereum price has failed to break above this $1,308 key resistance for the 4th time now! This is very significant to ETH bulls because it means sellers are pilling into the market above that $1,308 key level in the 1-hour timeframe.
And if this level continues to hold, sooner or later this growing bearish momentum will have a major effect on the short-term trend of the ETH market.
In simple terms:
Ethereum is getting ready to dump more than -14% very soon! But to do that, the ETH price must continue to trade below the $1,308 resistance level in the 1-hour timeframe
A price break above this resistance invalidates our bearish bias and the bearish Ascending Channel Pattern that confirms this sell prediction.
ETH Bearish Target!
If this Ethereum bearish prediction plays out, we believe there is a very high probability for us to see the Altcoin push back down to the $1,073 lows in the coming days.
This is the standard target for the Ascending Channel Pattern. So in the coming days, we will be keeping a close eye on this pattern to see if it plays out completely.
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