Ethereum Price Prediction Daily (8-March): ETH Sell-Off Playing Out Exactly As Predicted! Watch These Key Levels

4:44 pm, Wed, 8 March 23

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Ethereum Price Prediction Daily (7-March)
Ethereum price prediction from our previous analysis Powell Speech Pushing The ETH Price Lower! As The Sell Off Started?

The Ethereum bearish Flag Pattern is playing out exactly as we predicted in our previous analysis Powell Speech Pushing The ETH Price Lower! As The Sell Off Started?

By breaking through the $1,553 key support in the 1-hour timeframe, the ETH bears have indicated their willingness to continue the ETH push lower in the coming days.

In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as what we believe might play out next for Ethereum.

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Invalidation Point For This Bearish Flag Pattern!

ETH Sell-Off Playing Out Exactly As Predicted! Watch These Key Levels in the 1-hour timeframe
ETH Sell-Off Playing Out Exactly As Predicted! Watch These Key Levels in the 1-hour timeframe

The Ethereum bearish Flag Pattern is now in play, and in the coming days, we expect to see the Altcoin price begin to sell off aggressively.

However, this key bearish pattern can only remain valid if and only if the Ethereum price continues to respect and trade below the $1,589 previous highs in the 1-hour timeframe.

This $1,589 key resistance level is the invalidation point for this Bearish Flag Pattern! If the ETH bulls can manage to push the price past this key resistance, this would nullify our bearish bias and cancel out this bearish Flag Pattern.

However, the ETH price is still trading below it, meaning that the bears are still in control of the market.

Bearish Target To Watch For

A typical example of a Flag Pattern is the image above. This means that the Ethereum price still potentially has a lot of room to move to the downside if it plays out exactly.

However, the first key support level we will need to test and break through before we can move even lower is the $1,520 key support in the 1-hour timeframe.

This $1,520 price level is the first target we want to see the Ethereum price reach and attempt to break through for us to see any further follow through to the downside.

ETH Sell-Off Playing Out Exactly As Predicted! Watch These Key Levels in the 1-hour timeframe
ETH Sell-Off Playing Out Exactly As Predicted! Watch These Key Levels in the 1-hour timeframe

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