In our previous Ethereum analysis, ETH Ranging Market Continues! What Now? we identified the key zone the ETH price is currently ranging in on the 4-hour timeframe.
We also identified the $1,755 key support as the key level we want to see broken to confirm the resumption of the Ethereum price trend lower in the coming days.
Well, in this Ethereum analysis, we will be going a bit further and talking about the new pattern that is currently forming within this ETH range. This smaller pattern could better help us understand what the ETH price is doing right now within this range and what the price might be getting ready to do in the coming days.
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Note: If you are a bit confused about where we are in the market or why we are currently bearish on Ethereum, check out this TA where we break down the ETH bigger picture What The ETH Bulls Must Do To Stop Any More Sell-Off
Urgent! What Could This Pattern Mean For Ethereum? Watch this price prediction in the 4-hour timeframe
The Ethereum price is right now forming a mini-bearish Flag Pattern inside the ranging market. The most unique thing about this key pattern is
“the entry trigger for the bearish Flag Pattern requires the ETH price to break through and close below the $1,755 key support level.”
This plays out well with our overall bearish bias on Ethereum ad helps us understand exactly what the ETH price might be up to within the ranging market.
Final Verdict!
All eyes are still glued to the ETH $1,755 key support level in the 4-hour timeframe. This key support is the key level the ETH price must push below if we want to see this ETH sell-off continue.
The mini-Bearish Flag Pattern not only reconfirms this bearish bias on Ethereum, it also provides us with a unique bearish pattern we can take advantage of once this ETH sell-off begins.
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