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In our previous Ethereum analysis Ethereum Key Support Holding Strong. Watch This New Pattern Forming! we talked about the flag pattern currently playing out on the 1-hour timeframe.
This pattern if it plays out is a clear indication of a coming sell-off for the Ethereum Altcoin. And in this ETH analysis, we will be going further in-depth about this key pattern forming on the 1-hour timeframe and what we expect might happen to the ETH price in the coming days.
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Ethereum Ranging Market Continues!
The Ethereum flag pattern is still in full play on the ETH 1-hour timeframe. The Altcoin price is currently ranging within the two channels that make up the bearish pattern.
But once this range period is over, we expect to see Ethereum sell-off rapidly in the coming days. The key levels to watch are the channels, as far as Ethereum continues to trade within these channels, we can expect to see the price continue to range sideways in the coming days.
Ethereum Bearish Confirmation!
There are two bearish confirmation regions we are currently watching on the 1-hour timeframe.
- The break of the Flag Pattern Base Channel
- The break of the $3,623 horizontal support.
Break Of The Flag Pattern Base Channel!
This is a more risky entry for a potential sell-off for Ethereum. This involves waiting for the Altcoin to break through and close below the base channel of the flag pattern.
A break of this ascending support indicates an end to the Ethereum ranging market and a potential sell-off in the coming days. However this entry is still a bit risky as there is still a potential for price manipulations around this region. Continue reading for a more conservative entry.
Break of The $3,623 Horizontal Support!
A more conservative entry for the Ethereum potential sell-off is a break below the $3,623 key support on the 1-hour timeframe.
Waiting for this bearish confirmation is more secured with a higher probability of following through. However, you will be giving some parts of the profits in return for the higher confirmation rate.
A break below this $3,623 support is the perfect indication we need to confirm the start of the sell-off for the bearish flag pattern currently forming on the ETH 1-hour timeframe.
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