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In our previous ETH analysis Ethereum Testing Key Support! Is Price About To Rally? we talked about the $2,887 key support in the 4-hour timeframe.
This support is the last key level holding the Ethereum price right now, and a break of this support could spell doom for the Ethereum price.
In this ETH analysis, we will be talking about our bearish bias for Ethereum and what we think might happen if the Ethereum price breaks through this key support in the 4-hour timeframe.
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ETH Bearish Prediction
If Ethereum continues to trade below this key level in the 4-hour timeframe, there is a very high probability that we might see more sell-off play out in the coming days.
The key level to watch is the base of the ascending channel pattern in the 4-hour timeframe. As far as the ETH price continues to trade below this ascending channel, we will remain bearish in the Ethereum.
Final Verdict!
Ethereum price is currently trading below a critical level in the 4-hour timeframe. This is very bearish for the Ethereum price but for this bearish prediction to remain valid, Ethereum needs to continue trading below the ascending channel pattern.
A price break back above this ascending channel pattern puts an end to this bearish move and points to more bullish momentum in Ethereum.
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