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In our previous Ethereum analysis, Ethereum Pattern Playing Out As Predicted! Watch These Key Levels we talked about the $3,623 key support that must be broken to confirm the start of the ETH sell-off on the 1-hour timeframe.
Well, that key support is holding strong and is still yet to be broken, but right now, the Ethereum ranging market is morphing into a new pattern on the 1-hour timeframe.
In this Etheeum analysis, we will be updating our price prediction on the Altcoin and talking about this new bearish flag forming on the ETH 1-hour timeframe, as well as the key levels we are watching for in the coming days!
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Ethereum Bearish Flag Pattern!
The bearish flag pattern is a strong indication of a coming sell-off in price. And right now, we are seeing it gradually forming on the Ethereum 1-hour timeframe.
If this bearish prediction plays out exactly as we expect, there is a very high probability that we might see a massive sell-off in Ethereum in the coming days once the price range is over.
Right now Ethereum is still ranging within the channels forming the flag pattern on the 1-hour timeframe.
Key Bearish Confirmation!
For the bearish confirmation, we are still watching the $3,623 key support level on the 1-hour timeframe. The Ethereum must break through this key support for us to confirm the start of the ETH sell-off!
Until this key support is broken, we will stand aside and wait! Because a break of $3,623 is our only bearish confirmation that the ETH sell-off has started!
Final Verdict!
We are still short-term bearish on Ethereum, but the Altcoin is still yet to break through our bearish confirmation level at $3,623 on the 1-hour timeframe.
This price level is very important for the bears to breakthrough. So until this key level gives way, we will stand aside and wait.
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