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In our previous Ethereum analysis, ETH Push Higher Continues! Watch This Key Level We identified the $1,933 minor resistance level in the 4-hour timeframe and warned our readers that we needed to see the ETH price break through this level for the bullish rally to continue.
Well, that 4-hour minor resistance is still holding strong right now! And we are beginning to see what looks like a Bearish Double Top Pattern form at this key resistance.
In this Ethereum analysis, we will be breaking down what this Double Top Pattern means for the ETH price and what can expect in the coming days.
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ETH Double Top Pattern
The Double Top pattern is a unique reversal pattern used by professional traders to spot a potential change in the market direction!
The image above is a typical example of what a completed Double Top Pattern looks like. And when we compare that price action with the current ETH price movement, we see a lot of similarities in the ETH 4-hour timeframe.
Not only that, this bearish pattern is forming exactly at the $1,933 minor resistance level in the 4-hour timeframe. This key level has been respected over and over again in the past, increasing the possibility for us to see sellers jump in and try to push the Altcoin lower.
What Now For Ethereum?
Well, for now, this is only a potential price scenario we are keeping a close eye on. For it to become confirmed and tradable, we need to see the ETH price break through and close below the Neckline region of the pattern.
If the Ethereum price can break through this Neckline region, there is a very high probability that we might see a quick -5% sell-off for Ethereum in the coming days.
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