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In our previous Ethereum analysis ETH Sell-Off Far From Over! Get Ready we were pointing to more price sell-off very likely for the ETH price. However, a lot of things have changed!
Since publishing that TA, we have seen the ETH price skyrocket instead as news of Blackrocks bid to open a Bitcoin ETF in the U.S. came out.
This news is very important because Blackrock is one of the world’s leading providers of investment, advisory, and risk management solutions, and they are very popular for their ETFs.
In this ETH analysis, we will be talking about how this news affects the ETH price and what we can expect in the coming days.
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Is Ethereum Bullish or Bearish?
While a lot of ETH analysts are calling for more push up in the Ethereum, we believe this rally that might have played out may just be a news spike.
Right now, the BlackRock ETF bid news is driving the market up, but once this ETH news spike is over, there is a very high probability that we might see the ETH price resume its push lower in the coming days.
So for now, we are still very bearish on Ethereum and believe this bearish bias will extend into the new week.
What Now For Ethereum?
Right now we seeing the ETH price respect a descending channel resistance in the 4-hour timeframe.
This channel resistance helps us put the whole ETH rally into perspective because, despite the massive move up, the ETH price did not in any way break through any key resistance.
This means in the coming weeks, we can begin to see bearish momentum return into the market and resume its push lower. For Ethereum to become bullish, we need to see a much bigger move to the upside!
Final Verdict!
The ETH bearish Flag Pattern is still very valid and we believe that this indicates more sell-off to come for Ethereum.
Right now, we are seeing a rally instead! However, we don’t believe this rally we last as it was caused by news. But once it is over, we expect to see the bearish pressure on Ethereum return!
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