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In our previous Ethereum analysis ETH Sell-Off Far From Over! Watch This Flag Pattern Forming Right Now We identified the bearish flag pattern that was forming in the 15-minute timeframe and warned our readers of what this could mean to the Altcoin price in the coming days.
Well, that Berish pattern is still playing out right now, and in this Ethereum analysis, we will be breaking down the key levels we are watching as well as what we expect to see in the coming days.
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ETH Ranging Market Continues!
Over the weekend, we saw little to no volume come into the Ethereum market. This low-volume market condition caused us to range all through yesterday, and we are seeing this sideways phase continue into today’s trading session.
However, we believe this would be coming to an end soon.
As we step into the new week, we expect to see more volume pour into the market. And what we will be watching for as traders is the completion of this Bearish Flag Pattern in the 15-minute timeframe.
If this flag pattern gets completed, there is a possibility for us to see a quick sell-off to the $1,688 price region or even lower in the coming days.
What Now?
For now, we are still watching the formation of this flag pattern and waiting to see if it would be completed or get invalidated.
Right now, the price is about to test a key resistance, we have seen this 15-minute resistance hold the price back on two previous occasions, and we want to see that happen again in the coming days.
So for now, we will keep an eye on this key level to see what happens and if it holds strong.
Final Verdict!
We are still very bearish on Ethereum for now and believe there is a very high probability for us to see the ETH price continue to sell off into the new week.
The pattern we are currently tracking on the lower timeframes to confirm this bias is the ETH bearish Flag Pattern playing out in the 15-minute timeframe.
If this pattern completes, there is a very high probability that we will see an agressive sell-off in Ethereum in the coming days.
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