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In our previous Ethereum analysis Is Ethereum Setting Up For A Bearish Move Soon? Get Ready! we identified a key Flag Pattern that was forming in the 4-hour timeframe.
This bearish Flag pattern was so unique because it was forming at a key resistance zone that the Ethereum price has been unable to break through in the last few days.
Well, that Pattern is playing out exactly and in this Ethereum analysis, we will be breaking down what we are currently watching as well as the key levels we will be keeping a close eye on as the ETH price develops.
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Ethereum Bearish Break Down From The Flag Pattern! Best Time To Sell?
Since publishing our last TA in Ethereum, the Altcoin price has broken below the bearish flag pattern, indicating that the Ethereum sell-off might be getting ready to resume.
We are keeping a close eye on this bearish price movement to see if more sellers will begin stepping in to support this price move down in the coming days.
If this flag pattern plays out exactly as we expect it, we might see a similar price action in Ethereum like the example below.
Key Level To Watch For!
For this bearish flag pattern to remain valid, we need to see the Altcoin price respect and continue to trade below the $1,250 key zone in the 4-hour timeframe.
If this zone holds, there is a very high probability that we might see more sellers begin to use this key region as the best area to hold and push the Ethereum price lower.
In Other News…
Will 2023 see regulations coming to the crypto industry?
2022 has been a year of many crashes! All through the year, we have been in a bear market like no other, losing more than 70% of the market cap.
And while the value of cryptocurrencies continues to plummet we have seen small and not-so-strong crypto projects go up in smoke, burning investors along the way.
As if that was not enough, FTX collapsed! This was one of the biggest scandals that took the crypto industry by storm and sent a lot of institutional money running!
The question now is “what response can we expect to see from the government in 2023?”
Well the FTX saga is the issue that would give us some kind of incline on what to expect next year. So we will be keeping a close eye on the court proceedings of the CEO of FTX Sam Bankman-Fried and keeping you updated as it develops.
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