In our previous analysis Ethereum Testing This Invalidation Level. Is This Bearish Pattern Still Valid? We identified the $1,233 key resistance level as the most important resistance the Ethereum bears need to defend for our bearish bias on the Altcoin to remain valid.

Well, that prediction is currently playing out as we are seeing massive supply around this key area in the 4-hour timeframe.

In this Ethereum analysis, we will be talking about what this massive supply means for Ethereum and why this $1,233 key resistance is so important to the ETH bears.

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ETH $1,233 Key Resistance Holding Strong! Why?

This Ethereum $1,233 key level is very important to the bears because a price break above this key level invalidates the Bearish Triangle Pattern the Ethereum price broke out of earlier this month.

If this Triangle Pattern is invalidated, this only means that the Ethereum bears have been wiped out and the bulls are now in full control of the market and might attempt to push the ETH price higher in the coming days.

What Next For Ethereum?

The Ethereum price is not out of the danger zone just yet! We still need to see more bearish momentum come into the market and begin to push prices back down in the coming days.

A bearish move like this would signify the resumption of the Ethereum price sell-off for the Triangle pattern and then we can expect to see the Altcoin price sell back down toward the $979 price level.

Final Verdict!

The Ethereum price is currently trading at a critical level in the 4-hour timeframe. If this $1,233 key level continues to hold, there is a very high probability that we might see more bearish sellers begin to re-enter and push the Altcoin price lower in the coming days.

But for now, we will be keeping a close eye on this $1,233 price level to see if it will hold up.

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