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In our previous Ethereum analysis Ethereum Setting Up For A Massive Move Soon! Watch This Key Pattern we talked about the price copression currently playng out in the 4-hour and warned our readers that this could signify a possible breakout soon!
Well, we believe that move might have started right now! In this Ethereum analysis, we will be talking about the potential Ending Diagonal Pattern currently playing out right now, the bearish target we are watching as well as the important key levels to keep a close eye on in the coming days.
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Ethereum Ending Diagonal Pattern!
The Ending Diagonal Pattern is a unique pattern used by professional traders to spot a possible price revrsal. And right now, we are seeing that pattern play out in the 4-hour timeframe, indicating a possible sell-off soon!
We believe this sell-off might already have started with the ETH price breakdown below this key Ending Pattern in the 4-hour timeframe.
This bearish breakdown indicates that the bears are in full control of this market and in the coming days, we can expect to see a possible -5% dump in the value of Ethereum.
Key Level To Watch!
The most important key level for this bearish pattern is the $1,977 previous highs!
For this bearish prediction in Ethereum to remain valid, the Altcoin price must continue to respect and trade below this $1,977 key resistance in the 4-hour timeframe.
If the bears can keep the Ethereum price below this key level, there is a very high probability that we might see a ETH make a quick sell-off back down to the $1,815 price level in the coming days!
Final Verdict!
We are bearish on Ethereum right now! And we are tracking what seems to be a potential Ending Diagonal Pattern in the 4-hour timeframe.
This key points to a possible -5% dump in the value of Ethereum in the coming days. However, for this bearish prediction to remain valid, we need to see the ETH price respecct and continue to trade below the $1,977 key resistance level in the 4-hour timeframe.
As far as the bears can keep the ETH price below this key resistance, there is a very high probability that we might see more selling pressure begin to pour into the market in the coming days.
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