Ethereum Price Prediction Daily (12-Dec): Triangle Break To The Downside! As The ETH Sell-Off Started?
In our previous Ethereum analysis Possibility Of A One Last Push Up? we talked about the Triangle Pattern that formed during the weekend from all the sideways trading Ethereum did and how we might see a price breakout either to the upside or downside soon.
Well, that breakout has played out and it played out to the downside, following our overall bearish bias on Ethereum in the higher timeframe.
In this Ethereum analysis, we will be talking in-depth about what this bearish breakdown means for Ethereum and the key levels we are currently keeping a close eye on.
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Ethereum Pushing To The Downside! What Now?
By breaking out of the Triangle Pattern to the downside, the Ethereum price is showing more and more weakness as the days go by.
We expect to see this weakness continue to grow and the Ethereum price continue to push lower as more sellers enter the market from the $1,400 key resistance region in the 4-hour timeframe.
This $1,400 region is very important because the ETH price has respected it for months now failing to push past on numerous occasions.
As far as Ethereum continues to trade below this $1,400 key resistance region, we will remain bearish on the Altcoin price and look for bearish setups to take.
The bearish start to the week for Ethereum has automatically set the tune for us to expect more push to the downside in the coming days.
The key pattern we are still tracking is the Ascending Channel Pattern currently forming in the 4-hour timeframe. As far as this pattern remains valid, we expect to see the ETH price sell off to our bearish target of $1,070.
If you missed that price prediction you can check it out here Ethereum Price Breaking Down As Predicted! As The Sell-Off Started?
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