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In our previous ETH analysis, ETH Just Broke Through This Support! Sell Now? we talked about the $3,345 key level in the 4-hour timeframe and how a break of this price level indicated more weakness to come for the Ethereum price
Since publishing that analysis, Ethereum has continued to range around this $3,345 key level.
This ETH-ranging market only consists of a few price bars in the 4-hour timeframe for now. However, when you go lower to the 15 minutes timeframe, we see more price details this ranging market creates a perfect bearish flag pattern in the 15 minutes timeframe.
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ETH Bearish Flag Pattern!
The Ethereum sell-off has officially started, with the ETH price breaking below this flag pattern and crashing lower.
The key level to watch now for this short-term sell-off is the $3,390 horizontal price level! We want to see Ethereum continue to trade below this horizontal resistance for our bearish bias to remain valid.
A break of this $3,390 horizontal resistance in the 15 minutes timeframe indicates the end of this current bearish sell-off in the Ethereum price.
ETH Bearish Targets!
Our first target is the $3,113 horizontal support. We believe there is a very high probability for the Ethereum price to sell off to this price region in the coming days before finding support.
But for this bearish prediction to remain valid, the Ethereum price needs to continue trading below the $3,390 key resistance in the 15 minutes timeframe.
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