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The crypto market has been selling off aggressively all day! Why is this happening and what can we expect next? We will be trying to answer all these questions and more in this Ethereum analysis.
We will be talking about the key resistance zone we are watching as well as what could happen to the ETH price soon!
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ETH $2,359 Key Resistance Zone!
We talked about this key zone in a previous analysis A Closer Look At The ETH Bigger Picture. The Price Is Testing This Key Level where we identified this $2,359 zone and warned our readers of the massive selling pressure that might be building up at that key zone.
Well, that $2,359 zone held strong against the Ethereum bullish rally, and right now we are beginning to see the Altcoin price sell-off after failing to push past the $2,359 zone.
So right now, the Ethereum price is facing a lot of bearish pressure, and in the coming days, we might just see the Altcoin price continue to push lower.
A bearish move like this would be putting us in a bearish trend that might last for days.
Final Verdict!
The Ethereum price is in a free fall after failing to break through a major resistance zone in the 4-hour timeframe.
This $2,359 key zone was well-defended by sellers and now we are seeing them try and push prices back to the $1,697 price region.
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