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In our previous Ethereum analysis, ETH Is Trading Back In This Range! What Now For Sellers? We talked about the bigger bearish Flag Pattern still in play right now in the 4-hour timeframe and how this pattern is potentially pointing to more selling opportunities to come for Ethereum in the coming days.
In this ETH analysis, we are still very bearish on Ethereum. And now, we will be identifying the key resistance zone the ETH price is testing right now and the possible price scenario we can expect soon!
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ETH $1,800 Key Resistance Zone!
The ETH price is right now testing a key resistance zone in the 4-hour timeframe. This $1,800 price region is very important to the Altcoin price because we have seen Ethereum respect this level over and over again as both support and resistance in the past.
So in the coming days, we expect to see the ETH price react to this key zone as more sellers begin to pour into the market to defend this $1,800 price level.
If the ETH bears can hold on to this key resistance zone, there is a very high probability that we might see the Ethereum sell-off resume very soon!
When Will This ETH Sell-Off End?
Right now, we are still tracking the ETH bearish Flag Pattern still in play in the 4-hour timeframe. As far as the bearish pattern remains valid, there is a very high probability that we might continue to see a push to the downside in the coming days.
Our bearish target for this pattern is the $1,506 price level. This is a potential -10% drop in the value of Ethereum from its current trading level.
So in the coming days, we will be watching the ETH price action closely to see if any change will develop. But for now, everything is still pointing to a potential sell-off about to happen.
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