In our previous Ethereum analysis ETH Playing Out Exactly! What Next? we identified the minor support the ETH bears needed to break to keep pushing the Altcoin price lower. We also identified the key Head and Shoulders Pattern that was forming at that 15 minutes minor support.
Well since that TA was published, we have seen the Ethereum price attempt to break below this $1,262 minor support and fail. In this Ethereum analysis we will be talking about what this breakdown failure means for the ETH bears and the key level we are currently watching.
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Is The Head and Shoulders Pattern Still Valid?
The Head and Shoulders pattern is still very valid and will remain valid as far as the ETH price respects and continues to trade below the $1,341 key resistance in the 15 minutes timeframe.
As far as Ethereum stays below this price level, there is a very high probability that we might see more selling pressure begin to pull into the market in the next couple of days.
Final Verdict!
We are still very bearish on the Ethereum price for the short term and we believe there is a very high probability for us to see more selling pessure come into the market in the next few days.
However, this bearish bais in Ethereum can only remain valid if and only if the $1,341 key resistance level in the 15 minutes timeframe remains unbroken.
As far as Ethereum continues to trade below this $1,341 price level, we will remian bearish on the short term forcast for the ETH price.
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