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In our previous Ethereum analysis Ethereum Showing Multiple Bearish Patterns! Should You Be worried? we talked about the Bearish Flag Pattern currently playing out in the ETH 1-hour timeframe.
This pattern is still yet to be completed because the price is currently ranging around within the Flag pattern channels. And until we see a bearish breakdown from this channel, we will stand aside and continue to wait for that confirmation.
However, for this ETH analysis, we will be talking about the bearish targets we will be watching for once/if this bearish flag pattern completes in the coming days.
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Bearish Targets For This Ethereum Flag Pattern!
The Flag Pattern has a standard target! And for Ethereum, that target is the $847 price level.
This is a potential -25% dump in the value of Ethereum and we might see it play out perfectly in the coming days. But for us to confirm this bearish bias and start looking for trading opportunities to the downside, we need to see the Ethereum price break through and close below that flag pattern channels it is still currently trading in.
Only when we see a breakdown like this in Ethereum can we confirm the completion of the flag pattern and the start of the sell-off. But for now, we stand aside and wait.
What Happens If Price Fails To Break Through This Channel?
If the price fails to break through this support channel in the 1-hour timeframe, there is a very high probability that we might just see the Ethereum price continue to range and trade sideways within the flag pattern.
This has been happening for a couple of days now and might just continue to do so until the ETH price is ready to make a move.
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