In our previous Ethereum analysis Urgent! This ETH Key Support Just Failed! Sell Now? we identified the Bearish Flag Pattern that was forming in the 4-hour timeframe and warned our readers of how this could be the start of a larger move lower.
This bearish price prediction is right now playing out exactly as we predicted and we expect to see a lot more movement to the downside in the coming days.
In this ETH analysis, we will be breaking down the most important key level the ETH price must respect for us to see this push to the lower side continue.
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ETH Push Lower Continues! Watch This Key Resistance in the 4-hour timeframe
The most important level for the ETH price right now is the ETH $1,930 key resistance level in the 4-hour timeframe.
For this bearish Flag pattern to remain valid, we need to see the ETH price continue to trade below and respect this $1,930 key level. A break above this resistance only invalidates this bearish prediction in Ethereum and points to a likely change in the direction of the ETH price.
Well, that is still yet to happen. So for now, we will remain bearish on Ethereum and continue to expect more push lower.
Side Note: We are also tracking a bearish Head and Shoulders Pattern currently playing out in the 4-hour timeframe.
This Head and Shoulders Pattern is much larger than the bearish flag pattern we talked about in this article and has been playing out now for weeks.
With all the bearish fundamentals and technicals on Ethereum, we will remain bearish on the Altcoin for now.
The key pattern we are currently tracking is the Bearish Flag Pattern forming in the 4-hour timeframe.
If this key pattern plays out, there is a very high probability that we might see the Altcoin price sell-off back down to the $1,508 price region. This is about a -15% loss in the value of Ethereum.
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