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All through this week, we have been tracking the Head and Shoulders Pattern currently forming in the Ethereum 1-hour timeframe. This pattern is a bearish reversal pattern and it has been playing out exactly as we predicted all this while.
Now prices have broken below the last key support holding the sell-off from happening, and we believe this price break below this $1,854 key support is the confirmation we need to confirm the move lower for Ethereum in the coming days.
However, something new is happening right now on the Ethereum price chart. We are currently seeing the Altcoin price form a new bearish pattern in the 1-hour timeframe.
In this Ethereum analysis, we will be breaking down what this new bearish pattern is, how we plan to take advantage of it and the key levels we are watching right now!
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The New Bearish Pattern Forming On Ethereum
The Ethereum price is right now forming a new Bearish Flag Pattern in the 1-hour timeframe.
This pattern is a bearish continuation pattern and it indicates that there is a very high probability for us to see the Altcoin price continue to trend lower in the coming days.
The image below is a typical example of what a completed Bearish Flag Pattern looks like.
Ethereum Bearish Prediction
In the coming days, we expect to see the Ethereum price break through the base channel support of this flag pattern and continue to head lower.
We will stand aside and wait until we have seen this bearish breakout play out in the 1-hour timeframe before looking for any sell entry on Ethereum.
What that looks like is the image below, with our sell confirmation being the price break and close below the support channel of the flag pattern.
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