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In our previous Ethereum analysis, ETH Ranging Market Continues! Watch This Key Level we talked about the Ethereum bearish flag pattern currently playing out in the 15-minute timeframe and how this pattern could lead to a massive sell-off in the coming days.
This Bearish Flag Pattern is still in play right now, and in this ETH analysis, we will be taking a deeper dive into it and breaking down the key support the ETH bears must push the price below in order to confirm the start of the sell-off.
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ETH Bearish Flag Pattern
The ETH bearish flag pattern is still playing out exactly as we predicted. And right now, we are watching the $1,782 previous lows created by the ETH price.
This $1,782 low is the new key support we want to see the Ethereum price break through and close below for us to confirm the completion of the flag pattern and the start of the price sell-off.
Until this $1,782 key support gives way in the 15-minute timeframe, we will continue to stand aside and watch to see how the Ethereum price will continue to develop.
Final Verdict!
We are still bearish on Ethereum! And right now, the Altcoin is forming a Bearish Flag Pattern in the 15-minute timeframe.
This bearish Flag Pattern is playing out exactly as we want for now, but for us to confirm that this flag pattern is completed, and the price sell-off has started, we need to see the ETH price break through and close below $1,782.
This is still yet to happen, so we continue to watch and wait.
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