Ethereum Price Prediction Daily (17-Dec): Ethereum Sell-Off Far From Over!
The Ethereum Ascending channel Pattern is still playing out right now in the 4-hour timeframe. And just like the example above we expect to see the ETH price look very similar to this in the coming days.
Right now Ethereum is stalling at minor support and we might see a small bounce before the sell-off resumes. However, we are still bearish on the Altcoin and believe the push lower is still yet to be completed.
In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as what we believe the Ethereum price might do in the coming days.
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Ethereum Trading At Minor Support!
The Ethereum sell-off is currently stalling at minor support in the 4-hour timeframe. This $1,150 key level served as a key area where we saw Ethereum bounce off from previously.
There is a very high probability that we might see a bit of a reaction from this key level in the coming days. However, we do expect it to eventually get broken and for the push down to continue for the Altcoin.
Our first bearish target for this push-down is the $1,070 November lows in the 4-hour timeframe. This is the standard target for the Ascending Channel pattern and where we expect to see the Altcoin price push down to before encountering any major support.
Ethereum Key resistance That Must Be respected!
The most important key resistance for Ethereum right now is the $1,348 previous highs in the 4-hour timeframe.
As far as Ethereum stays below this previous high, we will remain bearish on the Altcoin and continue to expect to see this push lower in price.
A price break above this $1,348 price level only creates a higher-high price structure and invalidates the Ascending Channel pattern we are currently tracking.
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