Ethereum Price Prediction Daily (16-May): ETH Bearish Prediction Playing Out Exactly! Is Price About to Collapse?

We have been tracking the Ethereum Bearish Flag Pattern now for days, and this pattern has been playing out exactly as we want it. The final confirmation we need now to indicate the start of the ETH sell-off is a price breakthrough a key support in the 15 minutes timeframe.

In this Ethereum analysis, we will be updating you on what the Ethereum price is currently doing and the possible price action we are waiting to see play out in the coming days.

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ETH New Key Support!

The new key support that needs to be broken for us to confirm the start of the ETH sell-off is the $1,792 previous lows in the 15-minute timeframe.

If the ETH bears can push the Ethereum price below this key support, this will be the indication that the bearish Flag pattern has been completed and now, we can expect to see that final leg to the downside play out in the coming days.

However, until this bearish breakdown below $1,792 occurs, we will stand aside and continue to watch this Flag Pattern develop.

Final Verdict!

Ethereum is testing a critical support level in the 15-minute timeframe. This $1,792 key support is the last level the ETH price must break below for us to confirm the start of the bearish Flag Pattern sell-off.

Until this $1,792 key support breaks, we will continue to stand aside and wait for our bearish confirmation.

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