For days now, we have been tracking the ETH bearish Flag Pattern forming in the 15-minute timeframe Is ETH Bullish or Bearish? Watch This Key Level.
This bearish pattern indicates that there is a very high probability that we might see more bearish moves to the downside in the coming days. We also identified the $1,875 key level as the resistance the ETH bears must defend for this bearish prediction to play out.
Well, since publishing that TA, we have seen the Ethereum price struggle to move lower as demand is still in the market. But even with this strong bearish resistance put on by the price, we are still very bearish on Ethereum.
In this article, we will be talking about why we are remaining bearish on Ethereum as well as the bigger picture you need to watch out for!
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ETH Bigger Picture
When it comes to understanding the ETH bigger picture right now, it is important you remember that this bearish Flag Pattern we are tracking in the 15-minute timeframe is only additional confirmation to the massive Head and Shoulders Pattern that is playing out in the 4-hour timeframe!
- The image above is what the ETH price looked like when we first spotted the Head and Shoulders Pattern in the 4-hour timeframe.
- The image below is what the price chart looks like right now with the additional bearish flag pattern confirmation that points to more sell-off.
This bearish flag pattern is what we have been tracking all through last week in the 15-minute timeframe Is ETH Bullish or Bearish? Watch This Key Level..
If this 15-minute bearish flag pattern plays out, there is a very high probability that we might see a more than -15% sell-off in the value of Ethereum.
So What Now?
For now, we are following the bearish trend on the higher timeframe. As far as this larger bearish Head and Shoulders Pattern remains valid in the 4-hour time frame, we will continue to only look for sell-setups in the lower timeframes.
And right now, the ETH bearish Flag Pattern is forming in the 15-minute. This is why we are bearish on Ethereum and will remain bearish for now!
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