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For the past few days now, we have been tracking the Bearish Flag Pattern playing out in the 1-hour timeframe. This bearish flag pattern is a strong indication that the ETH sell-off might still be far from over.
And today, we are finally seeing that sell-off begin to play out. Pushed by the Fed speech from JEROME POWELL, the Ethereum bears are pouring into the market and pushing the Altcoin lower.
In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as the price targets we might see the Altcoin sell-off to.
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As The Ethereum Sell-Off Started?
The Ethereum price is still struggling to break and stay below the $1,553 key support level in the 1-hour timeframe. Before we can confirm the start of the ETH sell-off, we need to see the Altcoin break and close below this key support.
For now, that support is still holding strong meaning that the bulls still have a fighting chance to stop this sell-off from happening. So in the coming days, we will be keeping a close eye on this level to see if the bears can finally get past it.
Final Verdict!
For now, we are still keeping a close eye on this Bearish Flag Pattern, expecting to see some kind of push to the downside continue for the Altcoin sooner or later.
But for this bearish prediction to play out, we need to see a clear break and close below the $1,553 support in the 1-hour first. That is still yet to happen, so for now we will stand aside and continue to wait.
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