Table of Contents
For weeks we have been tracking the bearish Flag Pattern forming in the 4-hour timeframe. And in our most recent TA, we identified the $1,755 key support as the most important level the ETH price has to break through for this bearish pattern to begin selling off Urgent! Watch This ETH Bearish Target For This Key Pattern.
Well, that $1,755 key support has finally been broken! In this Ethereum analysis, we will be breaking down what this bearish break means for the Ethereum price and what we can expect in the coming days.
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
ETH Bearish Flag Pattern
The image above is what a completed bearish flag pattern looks like. This is the same pattern we are currently tracking in the ETH 4-hour timeframe.
In the coming days, we expect to see the Altcoin price begin to sell off aggressively to complete the last leg down for this flag pattern.
This ETH sell-off could easily see the Ethereum price crashing more than -15% in the coming days.
Side Note: Our ETH bearish Head and Shoulders Pattern is also still in play right now!
We started tracking the Head and Shoulders Pattern before we even found this bearish flag Pattern. The two patterns indicating a possible sell only double-confirm our bearish bias on Ethereum.
Find out all you want about this much larger Head and Shoulders pattern here Urgent! ETH Sell-Off About To Begin! Get Ready
ETH Key Level To Watch!
The most important key level right now for ETH sellers is the $1,930 key resistance in the 4-hour timeframe.
For this ETH bearish prediction to remain valid, we need to see the Altcoin continue to trade below the $1,930 key resistance. If this 4-hour level gives way, this invalidates our bearish bias on Ethereum.
How to Trade Bitcoin (BTC)?
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