Ethereum Key Support Holding Strong. Watch This New Pattern Forming!

6:25 pm, Sun, 2 January 22

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Ethereum Pattern Playing Out As Predicted! Watch These Key Levels
Ethereum price prediction from a previous analysis Ethereum Pattern Playing Out As Predicted! Watch These Key Levels

In our previous Ethereum analysis, Ethereum Pattern Playing Out As Predicted! Watch These Key Levels we talked about the $3,623 key support that must be broken to confirm the start of the ETH sell-off on the 1-hour timeframe.

Well, that key support is holding strong and is still yet to be broken, but right now, the Ethereum ranging market is morphing into a new pattern on the 1-hour timeframe.

Ethereum Key Support Holding Strong. Watch This New Pattern Forming on the 1-hour timeframe
Ethereum Key Support Holding Strong. Watch This New Pattern Forming on the 1-hour timeframe

In this Etheeum analysis, we will be updating our price prediction on the Altcoin and talking about this new bearish flag forming on the ETH 1-hour timeframe, as well as the key levels we are watching for in the coming days!

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Ethereum Bearish Flag Pattern!

The bearish flag pattern is a strong indication of a coming sell-off in price. And right now, we are seeing it gradually forming on the Ethereum 1-hour timeframe.

If this bearish prediction plays out exactly as we expect, there is a very high probability that we might see a massive sell-off in Ethereum in the coming days once the price range is over.

Right now Ethereum is still ranging within the channels forming the flag pattern on the 1-hour timeframe.

Ethereum Key Support Holding Strong. Watch This New Pattern Forming on the 1-hour timeframe
Ethereum Key Support Holding Strong. Watch This New Pattern Forming on the 1-hour timeframe

Key Bearish Confirmation!

For the bearish confirmation, we are still watching the $3,623 key support level on the 1-hour timeframe. The Ethereum must break through this key support for us to confirm the start of the ETH sell-off!

Ethereum Key Support Holding Strong. Watch This New Pattern Forming on the 1-hour timeframe
Ethereum Key Support Holding Strong. Watch This New Pattern Forming. Ethereum bearish prediction on the 1-hour timeframe

Until this key support is broken, we will stand aside and wait! Because a break of $3,623 is our only bearish confirmation that the ETH sell-off has started!

Final Verdict!

We are still short-term bearish on Ethereum, but the Altcoin is still yet to break through our bearish confirmation level at $3,623 on the 1-hour timeframe.

This price level is very important for the bears to breakthrough. So until this key level gives way, we will stand aside and wait.

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