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The Ethereum price is currently trading around a major resistance in the 1-hour timeframe. This $1,421 key level has served as a major selling point for Ethereum in the past with the Altcoin price always struggling to break through it.
By testing it again, the Ethereum price might be indicating that it might be getting ready to sell off back down sooner or later.
In this Ethereum analysis, we will be breaking down this bearish bias as well as what we think might happen in the next few days.
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What IS Ethereum Doing Right Now?
When we zoom in a bit closer to the current Ethereum price action, we see the Altcoin price is currently forming what seems to be a bullish flag pattern just underneath this 1-hour key resistance.
If this 1-hour key resistance holds, there is a very high probability that this Flag pattern will either give us a false breakout to the upside before failing or just refuse to move up and instead fail to the downside in the coming days.
The image below is what that bearish price scenario for Ethereum might look like in the coming days.
Final Verdict!
The most important key level we are currently watching right now for Ethereum is the $1,421 key resistance in the 1-hour timeframe.
If this key resistance continues to be respected by Ethereum, there is a very high probability that we might see more sellers begin to re-enter the market from these levels in the coming days.
And a massive influx of sellers like this could cause the Ethereum sell-off to resume with more momentum to the downside.
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