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The Ethereum price crashed more than 11% in a matter of hours, with the bearish Flag Pattern we have been tracking for the past few days on the Ethereum 1-hour timeframe playing out exactly as we predicted Ethereum Flag Pattern Playing Out As Predicted! Watch These Key Levels
However, the big question traders are asking now is; “should we expect the ETH crash to continue or will we find support and a reversal in the coming days?”
And to best answer this question, we will be taking a look at a much larger pattern that has been in play for quite a bit now on the Ethereum price chart. The Ethereum price is currently trading around the key support of this pattern and if history was to repeat itself, we might see a bullish bounce in the coming days!
In this Ethereum analysis, we will be talking about this larger Descending Channel Pattern currently playing out on the 1-hour timeframe and what it could mean for the Ethereum price in the coming days.
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Ethereum Descending Channel Pattern!
The Descending channel pattern offers us key levels to watch for price to find support and resistance around. And right those levels are playing out on the Ethereum timeframe.
We can clearly see that every time Ethereum has tested either the support channel or resistance channel of this pattern, we have seen a clear rejection in price. And if this continues, we can expect to see ETH reject again off the base support channel in the coming days.
How Do We Plan To Take Advantage Of This Potential Bounce?
Well, on this ETH analysis we only trade High-Quality Patterns. So, if this key support holds, we will be looking for a pattern to form around this key level region in order for us to get back in for the potential ride-up in the coming days.
But until a bullish pattern like this forms, we will stand aside and wait to see how the Ethereum bulls come back into the market and react to this key level in the 1-hour timeframe.
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