Table of Contents
For days now, we have been tracking the Ethereum Bearish Flag Pattern forming in the 1-hour timeframe. And in our previous analysis Ethereum Bearish Price Prediction Playing Out! What Next? we identified the ETH price breakdown below the pattern, indicating that the sell-off is about to begin.
That sell-off played out exactly! However, our bearish target of $1,228 is still yet to be smashed. Will the price continue to push lower or is the sell-off over?
In this Ethereum analysis, we will be talking about the key levels we are currently watching as well as our current bias on the Ethereum tren.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $4,380 Bonus and up to 30 days of 0% Maker fee when you sign-up and fund your Bybit account with our Bybit link
Ethereum Bearish Flag Pattern
The standard target for this Ethereum Bearish Flag Pattern is the $1,228 price region. And as we can see from the image above, Ethereum is still yet to reach it.
So for the coming days, we will be remaining bearish on the Altcoin price as we expect to see more movement to the downside play out.
Key levels To Watch!
The Ethereum price is currently trading below this key resistance zone in the 1-hour timeframe. We can clearly see how the price respected this zone when it got above it as well as when it fell back below.
So for us to remain bearish on Ethereum, we want to see the ETH price respect and continue to trade below this $1,280 resistance zone.
A price break back above it could easily turn this zone into new support, forming a solid base for more buyers to begin stepping into the market.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
