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The Ethereum price sold off massively today before rebounding and surging back up. What does this sell-off mean for the ETH bulls and what are the key levels we are currently watching in the coming days.
The pattern we are still keeping our eyes on is the Traingle Pattern. We saw the Ethereum price Breakout of this key pattern in the 15 minutes timeframe earlyier this week. However, the price is still yet to smash our $1,770 bullish target.
And so in the coming days, we might see this bullish rally continue to push the Altcoin price higher to this $1,770 price level.
However, in this Ethereum analysis, we will be breaking the most important key level the ETH price must continue to trade above for this bullish prediction to be smashed.
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The Key Support For Ethereum
The most important support for the Ethereum price right now is the $1,603 key support in the 15 minutes timeframe.
This key level is the only thing still holding this Ethereum bullish rally. And a price break down below it could see the ALtcoin selling off massively in the coming days.
So for now, we will be keepig a close eye on this $1,603 key level to see if the bulls can defend it from the bearish pressure trying to push Ethereum down under.
Final Verdict!
We are seeing bearish pressure come into the Ethereum market. However, for this bearish trend to take effect, the Ethereum price must break through and close below a key level in the 15 minutes timeframe.
As far as this $1,603 support continues to hold, there is a very high probability that we might just see a price bounce in the coming days. However, if this level is broken, this might be the end of the bullish rally we have been seeing play out all through the week.
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