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In our previous Ethereum analysis, ETH Bulls Just Lost Control Of The Market! What Now? we talked about our Ethereum bearish prediction and the $1,566 key zone, pointing out to our readers that the ETH bears would have to defend this $1,566 key resistance zone if they want to keep this bearish pressure on the Altcoin going.
Well since publishing that TA, the Ethereum price has entered into some kind of a mini-ranging market in the 1-hour timeframe. This mini range is currently forming what looks like a Bearish Flag Pattern, a bearish indication of the possible sell-off that is still yet to come.
Continue reading to find out the key levels we are watching and what we expect might play out in the coming days.
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Ethereum Bearish Flag Pattern
The bearish flag pattern is usually used by professional traders as a continuation pattern to the downside. The image above is what a completed bearish pattern looks like and it is an example of the kind of price action we want to see in the Ethereum price in the coming days.
So what is Ethereum up to? Well for now, this Flag Pattern is still in its development stage in the Ethereum 1-hour timeframe. However, we believe this stage will be coming to an end very soon!
Once this ranging stage is completed, we expect to see a price breakdown and a resumption of the ETH sell-off. So for now we will be keeping a close eye on this pattern to see if it finally plays out.
Final Verdict!
We are still bearish on the Ethereum price for now and believe the Altcoin might still be setting up for another move lower in the coming days.
The key pattern that we are watching is the Bearish Flag Pattern currently forming in the 1-hour timeframe. If this key pattern plays out, there is a very high probability that we might see a sell-off of up to -8% for Ethereum in the coming days.
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