This key pattern is indicating that there is a very high probability for us to see the ETH price sell off aggressively in the coming days. In this ETH analysis, we will be breaking down what our bearish target for a move like this will be and what we are currently waiting to see happen.
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 $30,000 Bonus when you fund your Bybit account with our Bybit link
The image above is a sample of what a completed bearish Flag Pattern looks like. When you compare that with the current price action playing out in the ETH 4-hour timeframe, we see that the ETH price is still yet to make the final move lower to complete this pattern.
A bearish move like this could easily see the Altcoin price crashing back down to the $1,508 price region. This is about a -15% loss in the value of Ethereum if it plays out.
So in the coming days, we will remain bearish on the ETH price and continue to track this Bearish Flag Pattern to see how it plays out.
Urgent! Watch This ETH Bearish Target For This Key Pattern currently playing out in the 4-hour timeframe
Side Note: We talked in-depth about the key support that must be broken to confirm the start of this bearish flag pattern sell-off in Ethereum.
We are still very bearish on Ethereum and we believe the altcoin price might be getting ready to dump more than -15% in the coming days. The key pattern that supports this bearish bias is the Flag pattern currently forming in the 4-hour timeframe.
All we need now is to see the ETH price break below the $1,755 key support to confirm the start of the sell-off.
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top 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
The content provided in this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Any actions you take based on the information provided are solely at your own risk. We are not responsible for any financial losses, damages, or consequences resulting from your use of this content. Always conduct your own research and consult a qualified financial advisor before making any investment decisions. Read more
