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The Ethereum price has finally broken through this $1,800 key support in the 4-hour timeframe. This bearish breakdown signifies the start of a potential -15% dump in the value of Ethereum in the coming days.
In this Ethereum analysis, we will be giving you an update on what the ETH price is doing now as well as the key Head and Shoulders Pattern that is currently in play in the 4-hour timeframe.
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Ethereum In Bearish Territory!
By breaking through the $1,800 key support level, the ETH price has moved into bearish territory, and in the coming days, we expect to see more selling pressure begin to pour into the chat.
This bearish bias also plays out well with our bearish Head and Shoulders Pattern that is also indicating a sell-off in price in the coming days.
If this Head and Shoulders pattern plays out, there is a very high probability that we might the Altcoin price sell off to the $1,462 price region in the coming days.
So for now, we keep on watching the ETH price and this bearish Head and Shoulders pattern to see how it develops
What Now?
We believe Ethereum is still very bearish and we might see the price sell off to the downside in the coming days. However, this bearish price prediction can only remain valid if Ethereum continues to respect and trade below the $2,019 key resistance level.
We talked about this key resistance level and why it is so important to the Ethereum bears in a previous analysis Watch This Invalidation Point For This Bearish Pattern
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