In our previous Ethereum analysis, This ETH Pattern is Playing Out Exactly! Get Ready we talked in-depth about the Head and Shoulders Pattern currently forming in the 4-hour timeframe and what this might mean for the ETH price in the coming days.
However, in this ETH TA, we will be talking about a unique price action that is playing out right now and how this could help us spot exactly when the ETH sell-off starts.
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History About to Repeat! Watch This Price Action.
What we are watching right now, is the Channel pattern forming in the 4-hour timeframe.
The last time we saw this pattern play out was during the formation of the Left Shoulder! Right now, we are seeing it form again, confirming our bearish prediction and the validity of the Head and Shoulders pattern playing out right now!
In the coming days, we expect to see a similar Channel Pattern form and the ETH price to break out of it to the downside.
What Now For Ethereum?
For now, we are still seeing multiple bearish patterns forming in the ETH 4-hour timeframe. However, we still do not have any bearish confirmation to indicate the start of the ETH sell-off.
So for now, we will continue to stand aside and wait for the ETH price to start breaking key levels and begin heading lower.
The first level the price will need to break is the Channel pattern. We need to see the ETH price breakthrough this 4-hour channel pattern and begin to head down in the coming days.
Final Verdict!
We are still very bearish on Ethereum! However, we do not have any trade confirmation yet to indicate the sell-off has started for the Altcoin price.
For that to happen, we need to see the ETH price first breakout of the channel pattern to the downside. A bearish breakdown like this could easily lead to the Head and Shoulders pattern sell-off we are waiting for to play out in the coming days.
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