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In our previous Ethereum analysis, ETH Price Sells Off Aggressively on News Of SEC Binance Law Suit we made it clear to our readers that
Despite the bad news of the SEC suing the Binance crypto exchange, this in no way means ETH sell-off after the news panic will continue.
For that ETH bearish sell-off to continue, we need to see the Altcoin price breakthrough and close below the $1,755 major support level in the 4-hour timeframe.
Well, since publishing that TA, we have seen the Ethereum price sell off to that major support and then bounce! What does this mean for the ETH price and what can we expect in the coming days?
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ETH Bearish Flag Pattern Is Still Valid!
The pattern we are still tracking right now is the Ethereum Bearish Flag Pattern currently playing out in the 4-hour timeframe.
The Ethereum price is still respecting this key pattern! However, we do not have our bearish confirmation to indicate the completion of the pattern and the start of the ETH sell-off.
For that bearish confirmation to play out, we need to see the ETH price break through the $1,755 key support in the 4-hour timeframe and continue to push lower.
The image below is the kind of price action we are expecting to see play out on Ethereum in the coming days.
Side Note: For a full breakdown of why the $1,755 key support is so important to the ETH bulls read this previous TA where we break down the levels the ETH price is ranging in right now ETH Ranging Market Continues! What Now?
We are still very bearish on Ethereum right now and believe there is a very high probability for us to see the Altcoin price begin to push lower in the coming days.
The key pattern we are currently tracking is the ETH bearish Flag pattern forming in the 4-hour timeframe. For this bearish pattern to be confirmed, we need to see the Altcoin price breakthrough and close below the $1,755 key support level.
A bearish breakdown like this would confirm the end of the ETH-ranging phase and the resumption of the push lower in price.
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