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In our previous Ethereum analysis Has The ETH Bullish Rally Started? Read This Before You Buy we identified the key Flag Pattern the Ethereum price was currently trading in and talked about the two most important key levels we are keeping a close eye on in the 4-hour timeframe.
These key levels are the $1,477 support and the $1,690 key resistance the Ethereum price is currently ranging within. These two key levels coincide well with the Flag Pattern we are currently tracking, increasing its importance to the ETH price right now!
In this Ethereum analysis, we will be going a bit further breaking down exactly why the Ethereum flag pattern is important and the possible price scenarios that might play out in the coming days.
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Ethereum Still Ranging! What Next?
The Ethereum price is still ranging within the Flag Pattern in the 4-hour timeframe. We call this region “No Mans Land” because neither the Ethereum bulls nor bears are in control of the market at this point in time.
So it is important as a trader for you to stand aside and wait for the ETH trend to take shape before entering into any position on the Altcoin. And for that ETH trend to take shape, we need to see the Ethereum price breakout of this Flag Pattern.
As far as the Ethereum price continues to trade within this flag pattern, we can expect to see more sideways movement, and price manipulations occur for the Altcoin.
What Are We Waiting For?
Right now, what we are waiting for is to see how the Ethereum price breaks out of this 4-hour Flag Pattern.
The ETH price can either break out to the upside or to the downside, making it very important for us to stand aside and wait for that price confirmation.
Whatever direction the ETH trend does decide to take, it will be determined by how the Altcoin price broke out of this key pattern.
So for now, we stand aside and continue to wait to see what happens in the coming days!
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