In our previous Ethereum analysis Ethereum Bullish Prediction Playing Out! Watch This Key Level, we talked about the Ethereum $4,400 key resistance level playing out in the 4-hour timeframe.
This key level has served as a major resistance for the Ethereum bulls in the past and it did so again today, pushing the Altcoin price down more than 8% in today’s trading session alone. But is the sell-off over?
In this Ethereum analysis, we will be talking about the minor support Ethereum is running into in the 15 minutes timeframe and the potential for us to see a price bounce in the coming days.
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ETH $3,955 Minor Support!
This ETH minor support can be clearly seen in the 15 minutes timeframe. In this timeframe, we can see the Ethereum price finding it difficult to break through this $3,955 price level.
However, this sideways market has created a bearish flag pattern in the 15 minutes timeframe.
A flag pattern like this points to a likely sell-off in price and this sell-off might play out very soon, pushing the Ethereum price even lower in the coming days.
The Key Level To Watch
The key level to watch is the $3,995 minor support in the 15 minutes timeframe. A price break below this level signifies the completion of the bearish flag pattern and the start of the Ethereum sell-off.
Until this bearish sell-off happens, we might continue to see the Ethereum price range within the pattern, building momentum for the inevitable price sell-off that is to come.
Final Verdict!
The Ethereum sell-off is still looking like it is very far from over! But the sell-off to continue, the Ethereum price needs to break and close below the $3,955 minor support in the 15 minutes timeframe.
And the best way to take advantage of this bearish move is through the flag pattern currently forming in the 15 minutes timeframe. The combination of this bearish pattern and the $4,955 key level gives us a price confluence that increases the potential for this Ethereum bearish move to play out exactly in the coming days.
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