The Ethereum Bearish Flag Pattern has been developing exactly as we predicted.

However, in this TA, we will be going a step further and identifying the key support level the Ethereum bears will need to break through for the sell-off to begin.

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ETH $1,553 Key Support!

The Ethereum price is right now still trading within the Flag Pattern, indicating that the pattern build-up is still far from over. But once completed, we expect to see the Altcoin sell-off aggressively to the downside.

The key level we are keeping an eye on to confirm the start of this bearish sell-off is the $1,553 key support in the 1-hour timeframe.

We need to see the ETH price break through this key support for our bearish bias on Ethereum to be confirmed. However, what we have seen instead is that the ETH price has tested this key support over and over again and failed to break through it.

What Now For Ethereum?

Well for now, we are still bearish on the Altcoin price and believe that there is still a very high probability for us to see a massive sell-off in the coming days.

However, the key level we are watching right now is the $1,553 key support in the 1-hour timeframe. We need to see this key support give way for this Ethereum bearish bais to be confirmed.

Untill the ETH bears can breakthrough this key support level, we will stand aside and continue to wait for that bearish confirmation.

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