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Our Ethereum sell-off played out exactly as we predicted in our previous analysis Ethereum Selling Off As Predicted! What Next?. This sell-off occurred despite the influx of volatility that occurred because of the news. However, the question traders are asking now is “what should we be expecting next?”
In this Ethereum analysis, we will be talking about the new Channel Pattern currently forming in the 15 minutes timeframe, and what it might mean for Ethereum in the coming days.
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Ethereum Channel Pattern
After the massive sell-off we saw play out yesterday, the Ethereum price is currently ranging in the 15 minutes timeframe. This range is a great indicator that Ethereum might be setting itself up to make another massive move soon!
And we believe there is a very high probability that this coming move will also be to the downside.
If this bearish prediction plays out, we might see that final push to the downside as Ethereum tests the $1,489 major support again.
What Now For Ethereum?
The Ethereum price is still trading within this Channel Pattern in the 15 minutes timeframe. And in the coming days, we want to see the price begin to break and close below the bottom of this channel pattern.
A bearish breakdown like that is a great indication that the ranging market is over and we can expect to see the final push down to the $1,489 support begin.
Final Verdict!
We are still bearish on Ethereum for the short term and believe that the ETH price might resume its sell-off back down to the $1,489 major support sooner or later.
The key pattern we are currently watching is the channel pattern currently playing out in the 15 minutes timeframe.
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