In our previous Ethereum analysis, ETH Triangle Pattern Playing Out Exactly! Watch Out For This Next Move we warned our readers of the $1,632 minor resistance the ETH bulls had to face in the 4-hour timeframe and how this resistance could end any potential rally in the Altcoin.

Well, that resistance is holding strong exactly as we predicted and right now, we are seeing the ETH price form a unique bearish Flag Pattern at this key level.

In this Ethereum analysis, we will be talking about this unique bearish flag pattern and what we expect the Ethereum price to do in the next few days.

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ETH Key Resistance Holding Strong!

The Ethereum price is currently forming a Bearish Flag Pattern around the $1,632 minor level. This minor level is currently serving as key resistance against any bullish rally and we believe the ETH sell-off might not be over just yet.

Once this key bearish flag pattern is completed we expect to see the Altcoin price begin to sell off in the coming days. This potential sell-off has the ability to push the Ethereum price back down to the $1,529 price level or even lower.

So for now we are still bearish on the Ethereum price for the short term and believe the Altcoin is still yet to complete its last leg down before the much larger bullish rally continues.

Ethereum Flag Pattern!

The image above is the kind of price action we expect to see from the Ethereum price in the coming days.

We can only become bullish again on Ethereum after this last leg down is completed. The Flag pattern helps us better understand how this might play out and how to take advantage of it in the coming days.

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