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The Ethereum price is currently testing key support in the 15 minutes timeframe. This key support is the base channel of the Triangle pattern the Altcoin price has been trading in.
The question traders are now asking is will this base channel support hold or should we be expecting a sell-off to the downside in the coming days?
In this Ethereum analysis, we will be breaking down what a bearish scenario might look like for the ETH price if it breaks and closes below this key support.
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Ethereum Bearish Price Scenario!
For the Ethereum bearish scenario to play out, we need to see a clear breakdown in price below this key Triangle pattern in the 15 minutes timeframe.
The image above is what that breakdown could look like. So in the coming days, we will be keeping a close eye on this level to see if it will finally give way.
What Happens If This Support Holds?
Well, unless the Ethereum bears can push the Altcoin price below this key support for the triangle pattern, Ethereum cannot move lower.
This is why this key support is very important for the bulls, If they can continue to hold on to this level and even push prices back up, we might see a bullish rally play out instead of a sell-off.
Final Verdict!
The Ethereum trend is still undecided! However, we believe the Altcoin price is getting ready to make a decisive move in the coming days.
What direction that move takes will depend on if the ETH bears can break through this key support Ethereum is currently testing. If this support holds strong, we might see more buyers come in and push the Altcoin higher.
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