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In our previous analysis Warning: Ethereum Forming Bearish Flag Pattern At Key Support! What Next? we talked about the converging triangle pattern that was playing out in Ethereum and the bearish implications of this pattern.
Ethereum played out exactly as we predicted, crashing more than 5% in value in less than 24 hours. However, that sell-off might be far from over yet as Ethereum is currently forming a new bearish pattern in the 15 minutes timeframe.
If this pattern plays out, we might see the Ethereum sell-off continue in the coming days.
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The Ethereum Bearish Pattern
This 15 minutes bearish pattern offers us key levels to watch for on the Ethereum price chart. And to confirm the completion of this price pattern, we need the Ethereum price to break through and close below the base channel of the pattern.
A bearish breakdown like this would be the perfect confirmation we need to indicate the resumption of the Ethereum sell-off.
Until a bearish breakdown like this happens, we might just continue to see the Ethereum price range and trade sideways within these two ascending channels in the 15 minutes timeframe.
ETH Bearish Target!
Our bearish target for this pattern move is the $3,786 price level. We believe there is a very high probability for the Ethereum price to get to this price level in the coming days.
This target is also the standard target for this bearish flag pattern move we are seeing develop right now!
Final Verdict!
The Ethereum sell-off might be far from over. However, we need to see the price break and close below the base channel of the bearish flag pattern currently playing out in the 15 minutes timeframe before we can clearly state this sell-off as resumed.
Until this bearish breakdown happens, the Ethereum price might just continue to range and trade sideways for now.
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