Table of Contents
In our previous Ethereum analysis Watch This Bearish Flag Pattern we identified a key bearish pattern that was playing out in the Ethereum 15 minutes timeframe.
This Bearish Flag Pattern was a great indicator that the Ethereum sell-off might not have been over just yet!
Since publishing that TA, we have seen the Ethereum price continue to respect our bearish bias and push lower. In the coming days, we expect to see more bearish volume pour into the market.
In this Ethereum analysis, we will be talking about the key levels we are currently watching as well as what we believe might happen next.
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Ethereum Sell-Off Far From Over!
The Ethereum price has been pushing down exactly as we predicted. However, the price is still far from our bearish target of $1,489 support in the 15 minutes timeframe.
We believe there is a very high probability that Ethereum might need to sell off back down to this price region before we encounter any major support.
Key Levels 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.
Final Verdict!
The Ethereum price is still looking very bearish for the short term and the pattern supporting this bearish bias is the Flag Pattern. This pattern is important because it gives us a clear way to trade this bearish movement lower.
The most important level to watch for is the $1,635 key resistance in the 15 minutes timeframe. This Bearish Flag Pattern can only remain valid if the Ethereum price respects and continue to trade below the $1,635 key resistance.
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