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The crypto market closed the treading day green today as the prices of both Bitcoin and Ethereum retraced some of the sell-offs we saw play out yesterday.
However, the big question most traders are asking right now “is the crypto sell-off over?” In this ETH analysis, we will be talking about the key levels we are currently watching as well as our Ethereum bearish prediction from our previous analysis Warning: Ethereum Breaking Through This Key Support! What Next?
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Is The Ethereum Sell-off Over?
While the Ethereum price might be rallying right now, the Altcoin is still deep in the bearish territory and will likely remain in this bearish territory as far as the Ethereum price continues to trade below the ascending channel pattern.
It was the initial break of this 4-hour ascending channel pattern that led to the massive dump we saw play out in the Ethereum price. And while this level served as support before, it might begin to serve as resistance.
ETH Bullish Prediction!
For ETH to become bullish again, the price needs to break through the ascending channel pattern. A break of this resistance would push the ETH price back into the range we have been trading in for the past few weeks now.
Only when the ETH price re-enters this range do we have the potential to rally higher. Until that happens we are staying bearish on ETH for the short term.
Final Verdict!
The Ethereum sell-off is still far from over, there is still a very high probability that we might see more bearish pressure come into the ETH markets in the coming days.
If this bearish prediction plays out, there is a very high probability that Ethereum might continue to trend lower.
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