In our previous Ethereum analysis, ETH Flag Pattern Playing Out Exactly! we warned our readers that the ETH price has finally broken through the Bearish Flag Pattern we have been tracking in the 4-hour timeframe and this was a great indication that the Altcoin sell-off might be getting ready to resume soon!
Well, today we are seeing more bearish volume come into the market and begin to push Ethereum lower. In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as our bearish targets for this move.
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ETH Key Level To Watch For!
The pattern we are tracking right now for Ethereum is the Bearish Flag pattern forming in the 4-hour timeframe. And the most important key level for this pattern right now is the $1,250 resistance zone we are seeing Ethereum pushing away from.
For this bearish flag pattern to remain valid, we need to see Ethereum respect and continue to trade below this key zone. This is why it is the most important level for Ethereum right now.
If this $1,250 key resistance holds strong, there is a very high probability that we might see the Ethereum price crash down to complete that flag pattern like the sample image below.
Ethereum Bearish Price Targets!
The first key level we will be wanting to see the Ethereum price breakthrough is the $1,153 key support.
The key support held very strong the last time Ethereum tested it! This means if we want to see the ETH price push even lower, we need to see this $1,153 level give way in the coming days.
Once the price breaks through this $1,153 support level, there is a very high probability that Ethereum will push even lower in the coming days!
A bearish push like this could easily see us smashing our all-time bearish target of $1,070. Read our TA to find out why this $1,070 is our main bearish target for this Ethereum sell-off.
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