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In our previous Ethereum analysis Urgent! ETH Building Up Momentum For Another Massive Move Soon! we warned our readers of the bearish accumulation phase that was going on in the 4-hour timeframe and how this could be a great indicator pointing to more price sell-off yet to happen.
Well since publishing that TA, we have seen the ETH price sell off an additional -4%, confirming our bearish bias on the Altcoin. However, we do not believe the ETH sell-off is over just yet.
In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as our bearish target for this Ethereum move.
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ETH Bearish Flag Pattern!
It is important to remember that the key pattern we are currently tracking on Ethereum is the bearish Flag Pattern. This pattern has a standard target we can apply to the situation right now in Ethereum.
If we follow this rule for placing a bearish target, then there is a very high probability that we might see even more bearish moves in the Altcoin in the coming days!
Our bearish target for Ethereum right now is the $1,506 price level. If this ETH bearish Flag pattern continues to play out, we might see this bearish target get smashed!
Side Note: We are also tracking a bearish Head and Shoulders Pattern currently playing out in the 4-hour timeframe.
This Head and Shoulders Pattern is a much larger pattern than the current bearish flag pattern we talked about in this article. This H&S pattern has also been playing out now for weeks.
Find out all you want about this much larger Head and Shoulders pattern here Urgent! ETH Sell-Off About To Begin! Get Ready
We are still bearish on Ethereum for now and believe the Altcoin might continue to push lower in the coming days.
The key pattern we are tracking is the ETH bearish Flag pattern forming in the 4-hour timeframe.
If this bearish pattern plays out exactly, there is a very high probability that we might see the Altcoin price sell off to the $1,506 price level.
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