In our previous Ethereum analysis Finally! ETH Bearish Flag Pattern is in Play. Time To Sell? we talked about the bearish flag pattern that was currently in play in the 15-minute timeframe and broke down how this pattern was a great indicator of a possible sell-off in the Ethereum price in the coming days.
We also identified the $1,836 key resistance level and warned our readers that this 15-minute key resistance was the invalidation point for this bearish bias on Ethereum. For the bearish flag pattern to remain valid, the ETH price had to continue trading below the $1,836 resistance.
Well, the Ethereum price is right now testing that invalidation level. What now?
New KYC bonus campaign from Bybit! From now till 21st of May 2023
Sign up and fund your Bybit account with our Bybit link to get this offer!
For new Users: Deposit $100, complete your KYC, and get $40. For existing Users, who have not completed KYC yet: Have a balance of $50, complete your KYC and get $20
ETH Invalidation Level
The Ethereum price is right now trading around the $1,836 key resistance level in the 15-minute timeframe.
This key level is very important to the ETH trend because a price break above this $1,836 key resistance immediately invalidates the Bearish Flag Pattern that we are currently seeing play out.
For this Flag Pattern to remain valid, we need to see this $1,836 key resistance get respected. So in the coming days, we will be keeping a close eye on this level to see if the Ethereum bears can defend it.
Final Verdict!
We are still bearish on Ethereum for now! Our ETH bearish flag pattern is still in play in the 15-minute timeframe.
However, for this bearish flag pattern to remain valid, we need to see the ETH price respect and continue to trade below the $1,836 key resistance level in the 15-minute timeframe.
If the bulls manage to push the ETH price above this $1,836 key level, this immediately invalidates our bearish pattern and could mean a more aggressive push higher.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
100x Leverage
100x Leverage
100x Leverage
Not Available In Germany
