BTC Artist
[ad_1]
In our previous Ethereum analysis Is ETH Really Bullish? Watch Before You Leap!, we warned our readers of the bigger Head and Shoulders Pattern that was in play in the 4-hour timeframe and how the current price rally in Ethereum might just be a bull trap.
Well today, we saw the sellers jump back into the market and push the Altcoin price back below this $2,020 resistance region. This indicates that Ethereum is still very bearish and there is a very high probability for us to see the push lower resume.
In this Ethereum analysis, we will be updating you on what the Altcoin price is currently doing.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $30,000 Bonus when you fund your Bybit account with our Bybit link
Claim up to $30,030 in Bonus
Has The Ethereum Sell Off Resumed?
Let’s get a few things straight:
- We are still bearish on Ethereum
- We still believe the Head and Shoulders Pattern is in play.
However, the ETH price has been in a bullish retracement for a few weeks now. But sooner or later, this bullish retracement will end and the Ethereum sell-off will resume.
The key level that needs to be broken to confirm the resumption of this bearish sell-off in Ethereum is the $1,755 key support.
If the ETH bears can push the Ethereum price below this $1,755 key support, this would confirm the ranging market for Ethereum and the resumption of the Altcoin sell-off.
Final Verdict!
We are still very bearish on Ethereum and will remain bearish as far as the Ethereum Head and Shoulders pattern continues to remain valid.
We believe that if the Altcoin price can break through and close below the $1,755 key support, there is a very high probability that we see a -15% dump in the value of Ethereum play out.
So in the coming days, we will be keeping a close eye on this key support to see how the price reacts to it.
Claim up to $30,030 in Bonus
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
Recommended Bitcoin Trading Platforms:
[ad_2]
Source link
