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As the Christmas festivity goes on around the world, we are seeing the Ethereum price form a unique pattern in the 4-hour timeframe.
This pattern could be a telling sign of what we should expect from the Altcoin price once traders begin to come back from the short break and trading volume increases again in the market.
The specific pattern we are talking about is the bearish flag pattern currently setting up in the 4-hour timeframe. We will be breaking down what this Pattern means for Ethereum as well as why it could lead to a bearish scenario for Ethereum in the coming days.
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Ethereum Flag Pattern!
The Bearish flag pattern is a continuation pattern used to spot exactly when the market is ready to move after resting for a bit.
For Ethereum, this pattern is a great indication that the ETH sell-off might be resuming very soon! This pattern is also well placed on the Ethereum price chart because it is currently forming at a key resistance region in the 4-hour timeframe.
This unique location of this pattern increases its validity and the possibility that we might see it play out in the coming days.
Ethereum Bearish Prediction!
We are still very bearish on Ethereum and we believe the Altcoin sell-off is still far from over.
Right now, we are currently seeing a key Triangle Pattern form in the 4-hour timeframe and if this pattern plays out, there is a very high probability that we might see Ethereum begin to move lower very aggressively in the coming days.
We will be keeping a close eye on this pattern to see how it develops in the coming days.
In Other News…
Sam Bankman-Fried CEO and Founder of now-defunct FTX Exchange has been released on a $250M Bail.
As the FTX saga continues, Sam Bankman has now been extradited from the Bahamas (where he was hiding) back to the U.S. to face felony charges that center around fraud, money laundering, and campaign finance violations.
If found guilty, we might see the former CEO serve up to 20+ years in jail. But while awaiting trial, a federal U.S. judge granted him a bail of $250M secured by the equity in his parents’ Palo Alto, California, home.
While out, he is not allowed to:
- make financial transactions higher than $1,000,
- open new lines of credit,
- leave the house except to exercise and
- must go through substance abuse and mental health treatment.
His trial will resume early next year as the whole crypto industry watches on to see what the outcome will be.
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