Table of Contents
In a previous Ethereum analysis Ethereum Getting Ready For A New Move Lower! Watch This Pattern we warned our readers of a key bearish Flag pattern that was forming in the 15 minutes timeframe, and how this pattern could indicate a massive sell-off for the ETH price in the coming days.
Well, that bearish prediction has been playing out and is still playing out as of the time of publishing this technical analysis.
However, the question now is “how much lower can the Ethereum price go?”
In this Ethereum analysis, we will be breaking down the key support the ETH price is about to run into and what we think might happen in the coming days.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Deposit Bonus Campaign is now live! First-time depositors can get up to a $4,100 Bonus when you sign-up and fund your Bybit account with our Bybit link.
Ethereum Next Major Support!
To find the next Ethereum major support to watch for, we will need to move from the current 15 minutes timeframe where we are currently seeing this Bearish Flag Pattern play out to a much higher one.
So, the higher timeframe of our choice is the 1-hour, and on this timeframe, we can immediately see a much larger picture of what the Ethereum price has been doing for the past few months.
And one thing is clear, we are currently trading in a Channel Pattern in the 1-hour timeframe.
This Channel Pattern offers us key support and resistance level to watch for. And the image above shows us exactly how small the ETH flag pattern in the 15 minutes timeframe is compared to this larger 1-hour channel pattern.
Ethereum Channel Pattern Support
This Channel Support has served as a major key level for the Ethereum price on numerous occasions in the past and might continue to do so in the coming days.
This means there is a very high probability for us to see the Ethereum price sell-off down to this $2,655 key support level before bouncing back up and starting a new bullish rally to the upside.
And right now, the ETH price is already getting very close to this price region in the 1-hour timeframe. So we might start seeing more volatility in price as buyers begin to re-enter the market.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
