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For a few days now, we have been tracking the ETH Triangle Pattern Decision Time For Ethereum! Get Ready. This pattern was forming in the 15 minutes timeframe and indicated a possible sell-off in price. But for that sell-off to be confirmed, we needed to see the $1,786 key support give way.
Well, this bearish break down never happened! Instead we saw the ETH bulls push the Altcoin price above key resistance, invalidating this bearish pattern.
In this Ethereum analysis, we will be talking about what this bullish rally in Ethereum means and what we expect to happen next.
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Is The ETH Price Bullish Now?
By invalidating the bearish Triangle Pattern, the ETH price confirmed there was still a growing bullish momentum present in the market right now. However, this does not mean we are in a bullish trend yet.
For now, we are still very bearish on the Ethereum higher timeframe. Our bigger bearish Head and Shoulders Pattern is still valid and playing out ETH Breaking Below This Key Support As Predicted! What Now?
This means we can only look for bearish setups in the lower timeframe. And right now, it looks like Ethereum is forming what looks like a bigger Flag Pattern in the 15 minutes timeframe!
Is This A Possible Flag Pattern?
The recent price movement in Ethereum has created a much larger Bearish Flag pattern in the 15 minutes timeframe.
This flag pattern is still very far from getting completed, however, if it does play out, there is a very high probability that we might see ETH sell-off sometime soon!
For now, we will be keeping a close eye on this key pattern to see how price reacts to it in the coming days.
Final Verdict!
We are still bearish on Ethereum and right now we are tracking what seems to be a larger Bearish Flag Pattern forming in the 15 minutes timeframe.
This potential Bearish Flag pattern is still far from getting completed so for now we will stand aside and continue to watch the price action develop on the 15 minutes timeframe.
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