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In our previous Ethereum analysis, ETH Just Invalidated This Key Pattern! What Now? we identified a larger bearish pattern in play in the 15-minute timeframe and warned our readers of a possible price sell-off sooner or later.
Well, that sell-off has finally played out! In this Ethereum analysis, we will be talking about the key levels we are watching right now and the possible price scenarios we can expect.
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Has The ETH Sell-Off Begun?
The Pattern we are currently tracking is the Bearish Flag Pattern currently playing out in the 15-minute timeframe. The Ethereum price just broke through the last key support we need to confirm the start of this pattern sell-off in the coming days.
If this bearish prediction plays out, there is a very high probability that we might see the ETH price sell-off massively in the coming days.
This ETH sell-off could easily push the Altcoin price down to the $1,506 price level in the coming days. A more than -15% dump in the value of Ethereum.
Key levels To Watch!
The most important key level right now for this Ethereum bearish prediction is the $1,875 previous highs in the 15-minute timeframe.
The ETH bears need to defend this key resistance at all costs if they want to see this price push down to continue for Ethereum.
A price break back above this $1,875 key resistance only invalidates our bearish flag pattern in the 15-minute timeframe.
Final Verdict!
We are still very bearish on Ethereum and believe right now we are seeing a bearish flag pattern play out in the 15-minute timeframe.
If this pattern plays out exactly, there is a very high probability that we might see a more than -15% dump in the value of Ethereum soon!
But for this bearish prediction to remain valid, we need to see the Altcoin respect and continue to trade below the $1,875 key resistance.
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