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The Ethereum price has been trading in a Descending Channel Pattern on the higher timeframe for weeks now. This pattern is very important to Ethereum traders because
As far as the ETH price continues to respect this Descending Channel Pattern, we can expect to see the Altcoin sell-off to the downside persist
This in turn provides us with adequate opportunities for us to look for bearish price patterns to the downside on the lower timeframes.
And we can already see one of such bearish chart patterns already playing out in the Ethereum 15 minutes timeframe.
In this Ethereum analysis, we will be breaking down this Bearish Flag Pattern, the key levels we are currently watching as well as our bearish price target if it does play out.
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Ethereum Bearish Flag Pattern
A flag pattern typically forms during consolidation periods. And right now we are seeing the Ethereum price consolidate and trade sideways in the 15 minutes timeframe.
Once this consolidation is over, there is a very high probability that we might see the ETH sell-off continue lower as traders resume the Altcoin bearish trend.
The image below is a typical example of what a Bearish Flag Pattern looks like once completed.
Key Levels To Watch For!
The most important key level to watch for in the coming days is the base channel support of this 15 minutes flag pattern.
Our bearish prediction can only become valid if the Ethereum price can break through and close below this Channel support.
Until this bearish move happens we will stand aside and wait for that price breakdown to confirm our bearish bias on Ethereum.
Final Verdict!
Ethereum is currently forming a bearish flag pattern in the 15 minutes timeframe. This flag pattern is a strong indication that we might see the Altcoin price continue to sell off again in the coming weeks.
However, our bearish bias for this chart pattern is still yet to be confirmed. We are currently waiting to see the Ethereum price break and close below the channel support for this Flag pattern to get our confirmation.
Until this price breakdown occurs, we will stand aside and wait for the ETH price to make that confirming move.
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