In our previous Ethereum analysis Urgent! ETH Building Up Momentum For Another Massive Move Soon! we warned our readers of the bearish accumulation phase that was going on in the 4-hour timeframe and how this could be a great indicator pointing to more price sell-off yet to happen.
Well since publishing that TA, we have seen the ETH price sell off an additional -4%, confirming our bearish bias on the Altcoin. However, we do not believe the ETH sell-off is over just yet.
In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as our bearish target for this Ethereum move.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $30,000 Bonus when you fund your Bybit account with our Bybit link
It is important to remember that the key pattern we are currently tracking on Ethereum is the bearish Flag Pattern. This pattern has a standard target we can apply to the situation right now in Ethereum.
If we follow this rule for placing a bearish target, then there is a very high probability that we might see even more bearish moves in the Altcoin in the coming days!
Our bearish target for Ethereum right now is the $1,506 price level. If this ETH bearish Flag pattern continues to play out, we might see this bearish target get smashed!
ETH Selling Off Exactly As Predicted! What Now? Watch This Target in the 4-hour timeframe
Side Note: We are also tracking a bearish Head and Shoulders Pattern currently playing out in the 4-hour timeframe.
This Head and Shoulders Pattern is a much larger pattern than the current bearish flag pattern we talked about in this article. This H&S pattern has also been playing out now for weeks.
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
Join our Legends Community Today!
Gain access to exclusive insights, trading setups and daily market reports.
