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After the massive bullish surge we saw play out in the Ethereum 1-hour price chart, we warned our readers of a possible cool-down in price coming soon.
In our previous analysis, ETH Bulls Fighting Back! Is This The Start Of A New Rally? we talked about the key support zones to watch for this price pullback to get to before we see any further rally in Ethereum.
Well, that pullback is playing out exactly, and in this ETH analysis, we will be updating you on what the price is currently doing and what we expect to happen in the coming days.
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Is The ETH Pull Back Over?
We believe that Ethereum is still in the process of cooling off. This means that there is still a very high probability for us to see a further crash to the downside from this current price level in the 1-hour timeframe.
We are also seeing a new mini Flag Pattern forming right now. This bearish flag pattern indicates that the bears are still in control of the market and we can expect to see another leg down in the ETH price before the Altcoin finds support.
This second leg of the sell-off has the potential to push Ethereum back to the $1,608 key zone in the coming days. This zone has served as a key support on numerous occasions in the past and might do so again if tested.
How Low Can We Expect This Flag Pattern Sell-Off To Go?
Well, if this Flag Pattern plays out exactly, there is a very high probability that we might see the ETH price push fully into the $1,608 key zone before running out of steam.
However, we believe this bearish move in Ethereum is only a short-term pullback in price before the ETH rally continues higher.
It is important to remember that Ethereum is in the bullish territory and therefore we expect to see the ETH bulls fighting this sell-off all the way.
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