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In our previous Ethereum analysis ETH Trading Around This Minor Zone! Can It hold? we warned our readers that the Ethereum sell-off still looks far from over and we expect to see bearish pressure come into the market soon.
We also talked about the $1,250 minor resistance zone Ethereum is currently trading around and how there was a very high probability for this zone to hold!
Well, that prediction is currently playing out now! The Ethereum price has been rejected from this $1,250 key zone and we are now seeing the Altcoin push lower.
In this Ethereum analysis, we will be updating our views on Ethereum and talking about the most important things we are currently watching in the 4-hour timeframe.
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Are The Ethereum Sellers Back?
We are currently seeing an influx of bearish momentum in the Ethereum market, this is a great indication that the ETH sellers might be back and ready to resume the bearish push to the downside in the coming days.
The pattern still confirming this bearish bias in Ethereum is the Ascending Channel Pattern we have been tracking for the past few weeks now! This pattern is still very valid, and there is a very high probability that we might see the Altcoin price crash to our bearish target of $1,070 before we face any new major support in the 4-hour timeframe.
The image below is what that sell-off could look like. And in the coming days, we will be keeping a close eye on the development of the price action to see if Ethereum eventually follows through.
In Other News…
Ethereum just got booted from Paxful!
Paxful one of the leading Peer-to-Peer cryptocurrency marketplace (with over 11.6 million users) have just announced they have “officially delisted and removed Ethereum from its platform”
“We finally kicked Ethereum off our marketplace. 11.6m humans safer. Integrity over revenue 🤝🏽 Who is next ?” Paxful CEO Ray Youssef tweeted
Some of the reasons he gave for this decision include:
The lack of decentralization caused by the Ethereum network switch from proof-of-work to the proof-of-stake processing method.
In his words, this switch makes Ethereum a digital fiat “Ethereum is controlled by a small group of people, and one day you will need permission to use it” Youssef tweeted
He also called Ethereum a project destined to fail due to its poor design while praising Bitcoin as the only true money and the way to true freedom.
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