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In our previous Ethereum analysis Urgent: This ETH Head and Shoulders Pattern Indicates Sell-off Might Continue we talked about one of the bearish reversal patterns currently forming on the Ethereum price chart.
The pattern we talked about was the Head and Shoulders Pattern currently forming in the 1-hour timeframe. This bearish reversal pattern is still valid and you can find the full details of how we are planning to take advantage of it in the article link above.
For this Ethereum analysis, we will be pointing out another key bearish pattern currently forming in Ethereum right now! The formation of this new pattern only reconfirms our bearish bias and increases the possibility for us to see a price sell-off in the coming days.
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Ethereum Bearish Flag Pattern!
The new pattern we are now also watching for on the Ethereum price chart is the Bearish Flag Pattern currently forming in the 1-hour timeframe.
This pattern is a classic bearish continuation pattern and it offers us a standard way to trade it a ETH potential sell-off in the coming days.
A typical example of a completed Bearish Flag Pattern is the image below.
Key Levels To Watch Out For?
The most important key level to watch for is the base channel of the Flag pattern. We want to see the Ethereum price breakthrough and close below this base channel in the 1-hour timeframe to confirm the start of the sell-off.
And right now, that bearish break out is still yet to happen. This means the base channel is still serving as strong support for Ethereum and might continue to do so for the time being.
Sp, until we see the price breakthrough this base channel, we will stand aside and wait for that bearish confirmation to play out for Ethereum. And a typical example of what that could look like is the image below.
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