Table of Contents
The Ethereum Bearish Flag Pattern has been developing exactly as we predicted.
However, in this TA, we will be going a step further and identifying the key support level the Ethereum bears will need to break through for the sell-off to begin.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $30,000 Bonus when you fund your Bybit account with our Bybit link
ETH $1,553 Key Support!
The Ethereum price is right now still trading within the Flag Pattern, indicating that the pattern build-up is still far from over. But once completed, we expect to see the Altcoin sell-off aggressively to the downside.
The key level we are keeping an eye on to confirm the start of this bearish sell-off is the $1,553 key support in the 1-hour timeframe.
We need to see the ETH price break through this key support for our bearish bias on Ethereum to be confirmed. However, what we have seen instead is that the ETH price has tested this key support over and over again and failed to break through it.
What Now For Ethereum?
Well for now, we are still bearish on the Altcoin price and believe that there is still a very high probability for us to see a massive sell-off in the coming days.
However, the key level we are watching right now is the $1,553 key support in the 1-hour timeframe. We need to see this key support give way for this Ethereum bearish bais to be confirmed.
Untill the ETH bears can breakthrough this key support level, we will stand aside and continue to wait for that bearish confirmation.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
