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In our previous Ethereum analysis Ethereum Price Pushing Up! But For How Long? we talked in detail about the Ethereum $1,417 major resistance in the 1-hour timeframe.
This level is very important because we have seen the Ethereum price struggle to push past before. This means there is a very high probability that we might see sellers begin to step into the market at this resistance region.
And right now, there is a key Flag Pattern currently playing out in the Ethereum 1-hour timeframe. In this Ethereum analysis, we will be talking about this key pattern and what it might mean for the Ethereum bullish rally.
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Ethereum Flag Pattern!
The Flag Pattern is a continuation pattern used by professionals to track the trend of an asset over any period of time. And right now the Flag pattern forming in Ethereum’s 1-hour timeframe is setting up as a bearish continuation pattern for Ethereum.
This means there is a very high probability that we might see Ethereum push much lower in the coming days once this 1-hour Flag Pattern is completed.
Key Level To Watch!
The key level to watch is the $1,265 support. We need to see the Ethereum price break and close below this key support to confirm the start of the sell-off for the Altcoin.
A price break below this $1,265 key support also confirms the completion of the Flag Pattern and a possibility for us to sell off rapidly in the coming days.
So for now, we are still standing aside and watching this $1,265 level to see if Ethereum can break and close below it.
Final Verdict!
We are still bearish on Ethereum and believe there is a very high probability for us to see a price sell-off in the coming days.
A price sell-off like this could easily push the Altcoin price back down to the low of $1,240.
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