Table of Contents
In our previous Ethereum analysis Urgent! ETH Building Up Momentum For Another Massive Move Soon! we identified the bearish accumulation pattern currently building up in the 4-hour timeframe and also warned our readers of how this can be very bearish for the ETH price.
Well since publishing that TA, we have seen the Altcoin price continue to range as the Altcoin bearish momentum continues to develop.
In this Ethereum analysis, we will be breaking down what pattern is currently developing on the 4-hour timeframe and breaking down the key pattern that is currently developing right now!
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 Ranging Channel Continues!
The accumulation phase in Ethereum is currently forming what seems to be a new pattern in the 4-hour timeframe. This pattern is a new Bearish Flag Pattern forming in the 4-hour timeframe.
This is a bearish pattern that indicates that the ETH price might continue to push lower in the coming days. So for now, we are waiting for the Altcoin price to complete the accumulation phase and resume
Once completed, we expect to see the Altcoin price resume its move to the downside in the coming days.
This potential sell-off about to happen could potentially push the Altcoin price down more than -15% in the coming days.
Final Verdict!
The Ethereum price is still very bearish right now! However, the Altcoin is right now accumulating for a further move down in the coming days.
In the coming days, we will be watching this ranging phase as it enters its final stages, Once completed, we expect to see the Altcoin begin to sell off aggressively in the coming days.
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
