Table of Contents
The Ethereum bearish Flag Pattern is playing out exactly as we predicted in our previous analysis Powell Speech Pushing The ETH Price Lower! As The Sell Off Started?
By breaking through the $1,553 key support in the 1-hour timeframe, the ETH bears have indicated their willingness to continue the ETH push lower in the coming days.
In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as what we believe might play out next for Ethereum.
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
Invalidation Point For This Bearish Flag Pattern!
The Ethereum bearish Flag Pattern is now in play, and in the coming days, we expect to see the Altcoin price begin to sell off aggressively.
However, this key bearish pattern can only remain valid if and only if the Ethereum price continues to respect and trade below the $1,589 previous highs in the 1-hour timeframe.
This $1,589 key resistance level is the invalidation point for this Bearish Flag Pattern! If the ETH bulls can manage to push the price past this key resistance, this would nullify our bearish bias and cancel out this bearish Flag Pattern.
However, the ETH price is still trading below it, meaning that the bears are still in control of the market.
Bearish Target To Watch For
A typical example of a Flag Pattern is the image above. This means that the Ethereum price still potentially has a lot of room to move to the downside if it plays out exactly.
However, the first key support level we will need to test and break through before we can move even lower is the $1,520 key support in the 1-hour timeframe.
This $1,520 price level is the first target we want to see the Ethereum price reach and attempt to break through for us to see any further follow through to the downside.
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
