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In our previous Ethereum analysis, ETH Price Prediction Playing Out Exactly! What Next? we talked about the Double Top Pattern that was forming in the 15 minutes timeframe and how this pattern could indicate a bearish price movement for Ethereum in the coming days.
Well today, we are seeing another bearish pattern forming in the 15 minutes timeframe. This Bearish Flag pattern is a great indicator that the sell-off we predicted now has a higher probability chance of playing out.
In this Ethereum analysis, we will be breaking down this Flag Pattern better and talking about the key levels we are currently watching.
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Ethereum Bearish Flag!
The Ethereum bearish flag pattern is used by many professional traders to time the continuation of the trend. And Ethereum is right now forming this bearish continuation in the 15 minutes timeframe.
If this bearish pattern plays out, there is a very high probability that we might see the ETH price sell-off down to the $1,489 key level in the coming days.
This is a potential -5% dump in the price of Ethereum. So we will be keeping a close eye on this pattern to see how it develops.
Key Level To Watch!
The most important level for Ethereum right now remains the $1,635 key resistance region.
For this Altcoin bearish prediction to remain valid, we need to see the Ethereum price continue to respect and trade below the $1,635 region. A break above this key resistance only invalidates our bearish bias on Ethereum.
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