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The Ethereum bearish momentum is currently picking up to the downside. And as the price of the Altcoin continues to push lower, the first key level we will be keeping a close eye on is the $1,153 previous support.
We talked in-depth about this 4-hour support in our previous analysis ETH Price Pushing Down As Predicted! Watch This Bearish Target
However, in this Ethereum analysis, we will be talking about what we expect the ETH price to do once it gets to this level in the coming days as well as the key structures we are currently watching.
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Ethereum Flag Pattern
The key pattern we are currently tracking in the Ethereum 4-hour timeframe is the Bearish Flag Pattern. If this pattern plays out, then there is a very high probability that the ETH price will break through this $1,153 key support and continue heading much lower in the coming days.
So as momentum continues to build up, we expect it to be strong enough to break through and close below the $1,153 key level in the coming days.
Our main target for this Bearish Flag Pattern sell-off is the $1,070 price level.
ETH Flag Pattern Bearish Target!
The standard target for this ETH bearish flag pattern is the $1,070 price level. This falls at key support and could see Ethereum losing more than -10% in value in the coming days.
The only key level we need to see the price respect for this bearish prediction in Ethereum to remain valid is the $1,250 resistance zone.
We tested and rejected this key zone last week, proving the point that the Ethereum bears are still in full control of this market right now. And as far as the Ethereum price continues to trade below the $1,250 resistance zone in the 4-hour timeframe, the Bearish Flag Pattern will remain valid.
In Other News…
Is Sam Bankman Fried about to make a run for it? Millions transferred out of Alameda Research’s wallet just days after his bail.
The now-bankrupt trading firm Alameda Research is at the center of the news again for the wrong reasons!
A sister company of FTX, this trading firm was used by Sam Bankman Fried to carry out his own trading addiction with no proper risk management.
And when the losses from these trades ran into the billions, he began illegally withdrawing users’ funds from FTX (while hiding these withdrawals from the FTX balance sheet) to keep the show going.
Well, Alameda wallets just became active again with millions of dollars being transferred out to instant exchangers and mixers like FixedFloat and ChangeNow.
These types of platforms are often used by hackers and exploiters to cover/hide their transaction routes. And this has raised a lot of interest in the community.
Is this a Hack, maybe an insider job, or is Sam Bankman Fried trying to steal whatever is left in the wallets and make a run for it?
Well, we don’t know for now but we will keep you up to date as this story develops.
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