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The Ethereum price is currently trading in a Decesending Channel Pattern in the 1-hour timeframe. This pattern offers us key support and resistance level we can expect to see the Altcoin price get to and respect in the coming days.
And right now we are seeing the ETH price gradually build up momentum for a potential -7% crash in the coming days.
In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as what we believe might play out in the coming days.
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Watch This Key Pattern
The Key pattern we are watching is a bearish Pennant pattern forming right now in the 1-hour timeframe.
This pattern is a bearish continuation pattern that indicates that we might see the Ethereum sell-off continue once the price breaks down and closes below it.
A price breakdown like this is the bearish confirmation we need to indicate the resumption of the move lower with our bearish target being the base of the Descending Channel at $1,850.
What Is The Game Plan Now?
Well, right now we are waiting for that price confirmation to occur in the 1-hour timeframe.
Once we see the Ethereum price breakthrough and close below the Pennant pattern in the 1-hour timeframe, this would be our indication that the sell-off has started.
Until a bearish breakdown like this occurs, it is best to stand aside and wait for that confirmation.
The image below is a clear example of what a completed Pennant Pattern looks like. We expect to see this kind of price action play out in the Ethereum price in the coming days.
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