For the past few days now, we have been tracking a Triangle Pattern forming in the Ethereum lower timeframe. This pattern is very important because it can help us time the Ethereum markets next few moves!
But once these few moves are over, we expect to see the larger trend in Ethereum resume! And that larger trend is currently looking for very bearish for the Altcoin.
In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as why we have a bearish bias for Ethereum on the higher timeframe.
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Ethereum Higher TimeFrame Analysis!
The image above is what the Ethereum price currently looks like on the 4-hour timeframe! We can clearly see the Altcoin price respecting the Descending Channel Pattern, increasing the posinility for us to a similar sell-off in price occur in the coming days.
If this bearish move lower plays out, there is a very high probability that Ethereum could crash more than -100% in the coming months from its current trading level!
This is very massive for the Ethereum price and why you should pay attention to what the price is doing on the higher timeframe!
What Could Cause This Kind Of Crash?
Well we are already seeing a lot of ripple effects from the FTX saga that as caused billions to be wiped out of the crytpo industry. While we believe the long term outlook for this inductry still looks very promising, we still believe the short term damage and volatility this FTX crash is causing is still not over.
As this development plays out, you can be rest assured that we will be keeping you upto date!
So for the long term chart on Ethereum, we are currently bearish! But for the short term, we might still see a move up before this sell-off begins. Check out our short term analysis on ETH here Count Down To The Potential Breakout For Ethereum
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