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The ETH pattern we are tracking right now in the 15-minute timeframe is a bearish Flag Pattern.
The image above is a clear example of what a completed bearish Flag Pattern looks like. And in the coming days, we will be expecting the ETH price to begin to sell off as aggressively as this.
In this Ethereum analysis, we will be breaking down the key levels we are watching as well as the key resistance the ETH price must stay below for this bearish prediction to remain valid.
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Has The ETH Sell-Off Started?
The Ethereum price has confirmed the start of a bearish flag sell-off in the 15-minute timeframe.
If this pattern plays out, there is a very high probability that we might see a more than -8% drop in the value of Ethereum in the coming days.
This bearish move can easily push the Altcoin price back to the $1,733 previous support level or even lower. So for now, are very bearish on the Ethereum price and we are currently looking for a price sell-off.
The Key Resistance To Watch For!
The most important key resistance for this Bearish Flag Pattern playing out right now is the $1,836 previous highs in the 15-minute timeframe.
As far as the ETH price can respect and continue to trade below this $1,836 price level, we will remain bearish on Ethereum.
However, if the ETH price manages to break above this $1,836 resistance level in the 15-minute timeframe, this would invalidate our bearish flag pattern.
So for now, we are watching this $1,836 key resistance closely to see how the ETH price reacts to it and if it would hold strong in the coming days.
Final Verdict!
The Ethereum bearish flag pattern is in play right now in the 15-minute timeframe. This is a bearish indication for Ethereum and there is a very high probability that we see a more than -8% dump in the value of ETH sooner or later.
However, for this bearish prediction to remain valid, we need to see the ETH price continue to respect and trade below the $1,836 key resistance level.
A price break above this 15-minute key resistance invalidates our bearish flag pattern.
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