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The Ethereum price is currently rejecting from a major resistance zone in the 15 minutes timeframe. What does this mean for the bulls and what can we expect next?
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Ethereum Testing Major Resistance
In our previous Ethereum analysis ETH Price Prediction: Ethereum Building Momentum For A Massive Move Soon!, we talked in-depth about the major resistance Ethereum was about to run into in the 15 minutes timeframe. We also broke down the massive pattern this key resistance was forming, and the possible price scenarios that might play out.
Well right now, one of our price scenarios is about to play out! Because if the Ethereum price continues to trade below this channel resistance in the 15 minutes timeframe, there is a very high probability that we might see a quick sell-off for Ethereum back to the $1,180 price level or even lower.
What that sell-off might look like for Ethereum can be represented in the image below.
Key Level To Watch For!
For this bearish prediction in Ethereum to remain valid, Ethereum must continue to respect and trade below that resistance channel in the 15 minutes timeframe.
A bullish breakout of price above this resistance channel only invalidates this bearish bias and increases the probability for us to see a rally in the price instead.
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