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The Ethereum price played out exactly as we predicted in our previous analysis Ethereum Flag Pattern: Watch This Short Term Bounce On ETH! and right now, the price is trading around a key resistance region in the 4-hour timeframe.
This key region is the resistance channel of the bearish flag pattern the Ethereum price has been trading in all week!
If this level holds, we can expect to see a price sell-off in Ethereum very soon! This could lead to a more than 7% drop in Ethereum in the coming days.
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Ethereum Key Levels To Watch!
The key level we are keeping an eye on right now is the resistance channel of the 4-hour flag pattern. Every time the Ethereum price has gotten to this key resistance, we have seen major bearish pressure come into the market, pushing the Altcoin back down.
If this bearish price scenario plays out, we can expect to see history repeat itself in the Ethereum chart soon!
Ethereum Bearish Traget!
The first target we are watching for Ethereum is the base channel of the flag pattern. There is a very high probability that we might see Ethereum sell-off back down to these regions in the coming days before finding support again.
However, if this base channel gets broken, we can expect to see more bearish price action for Ethereum in the coming days. This bearish breakdown would likely push the Altcoin lower to the $2,500 price region
Final Verdict!
Ethereum is currently trading at a very key level in the 4-hour timeframe. If this resistance level holds, we can expect to see a price sell-off in Ethereum soon!
But for that bearish prediction to remain valid, the Ethereum flag pattern resistance must hold strong. A break of this resistance invalidates this bearish prediction in Ethereum.
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