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In our previous Ethereum analysis Urgent! ETH Sell-Off About To Begin! Get Ready, we talked about the Massive Head and Shoulders pattern that was currently playing out in the 4-hour timeframe.
We also identified the $1,800 key support level as the most important support the ETH bears had to push the price below in the coming days, to confirm the start of the sell-off.
Well, Ethereum is right now testing that key level, and it is looking like we might see a bearish breakdown in the 4-hour timeframe soon!
In this Ethereum analysis, we will be updating you on what the price is doing right now, as well as what we are expecting to see in the coming days.
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ETH Breaking Down!
Yesterday, we saw the Altcoin price sell off aggressively! This sell-off was fundamental news as the U.S. released the CPI Data.
This price sell-off pushed the Altcoin back down to the $1,800 key support level in the 4-hour timeframe.
We have seen the Altcoin price test this key support level over and over again and failed to break through it in the past. The question traders are asking now is “Will the bears be able to push the ETH price through this $1,800 support region this time around?“
Well, we don’t know for now, but there is a very high probability we see a massive pushdown in the coming days.
If the Ethereum price can break through this $1,800 key support, there is a very high probability that we might see a more than -15% dump in the value of Ethereum in the next few days.
But Ethereum needs to break through $1,800 first. And right now, the Altcoin price is still struggling with this key level.
Final Verdict!
Our bearish Head and Shoulders Pattern is playing out exactly as we predicted! And right now, Ethereum is looking set to start pushing more aggressively lower.
The key support we are watching right now is the $1,800 price level.
If the ETH bears can push the Ethereum price below this key support level, there is a very high probability that we might see this Altcoin sell-off to the $1,462 price level in the coming days.
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