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In our previous Ethereum analysis Has The Ethereum Sell-Off Started? Watch This Key Pattern we warned our readers of the bearish Flag Pattern forming in the ETH 1-hour timeframe.
We also talked about the effects this pattern will have on the Ethereum bullish rally in the coming days.
Well, that bearish prediction is playing out exactly and in this ETH analysis, we will be updating you on the ETH Flag pattern as well as what prices are doing now.
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Ethereum Bearish Flag Pattern
The image above is what the Ethereum Flag Pattern looks like now for us. We can see the Ethereum bears have finally pushed the Altcoin price below the $1,269 key support in the 1-hour timeframe.
A bearish break like this is a great indication that the Flag Pattern might already be completed and we should be expecting a price sell-off for Ethereum in the coming days.
A completed Flag Pattern sell-off will look like the image below. So in the coming days, we expect to see a fast push down for Ethereum as more sellers re-enter the market.
Bearish Target For Ethereum
The bearish target for this Flag Pattern is the $1,228 price level. There is a very high probability that this flag pattern will sell off to this key level before facing any major buying power.
So for now, we are still bearish on the Ethereum price for the short term. In the coming days, we will be watching closely to see if more sellers begin to enter the market.
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