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In our previous Ethereum analysis Ethereum Trading At Critical Support! Can The Bulls Hold This Key Level? we talked about the ETH $4k key support level in the 4-hour timeframe and how it was important for the Ethereum bulls to defend this key level at all costs.
Well 24 hours later, the Ethereum price is still ranging around this 4-hour key region. And right now, the price is forming a key pattern in the 15 minutes timeframe.
This pattern is a flag pattern and it offers us key levels to watch for in the coming days.
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Ethereum Flag Pattern!
The Ethereum price is currently trading within this flag pattern on the 15 minutes timeframe. And right now, the Altcoin price is testing and rejecting the top channel resistance of this pattern.
If this level holds, there is a very high probability that we see more movement to the downside in the coming days.
A bearish move like this will likely push the Ethereum price back down to the base channel of the flag pattern soon! But this sell-off would only be classified as a minor move in price.
For us to see a major move, the Ethereum price would need to break through the key levels of the flag pattern either to the upside or downside.
Final Verdict!
The Ethereum price is still ranging, currently forming a flag pattern in the 15 minutes timeframe. As long as the ETH price continues to trade within this flag pattern, we can expect to see Ethereum continue to bounce around and range sideways in the coming days.
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