The Bears Are Still In Control. Get Ready!
In our previous Ethereum analysis, we talked about the Bearish Converging pattern forming on the Daily timeframe and identified the bearish breakdown in price. We also warned our readers that this bearish breakdown in the ETH price indicated that the bears were in control of this market.
Well, since publishing that TA, we have seen the Ethereum price continue to play out exactly. And in this ETH analysis, we will be updating you on the current price action and what we expect to see happen in the coming days.
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ETH Bearish Break And Retest
The key pattern we are still tracking right now is the Bearish Converging Pattern currently playing out on the Daily timeframe. The image above is a typical example of what that pattern looks like once completed.
In the coming days, we expect to see a similar price action play out for Ethereum as we begin to see a much more aggressive push to the downside.
If this Ethereum bearish converging pattern plays out exactly, there is a very high probability that we might see the ETH price crash back down towards the $2,500 price region or even lower soon.
Final Verdict!
The bears are still in full control of this market and the small bullish rally we saw play out yesterday was not enough to stop this bearish trend from happening.
In the coming days, we expect to see more sellers stepping in as we resume this aggressive push to the downside.
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