Warning: Massive Sell-Off Coming For ETH! Watch This Flag Pattern

11:28 pm, Tue, 28 September 21

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Warning: ETH Running Into Key Resistance! Price Crash To $2,500?
ETH bearish prediction from a previous analysis Warning: ETH Running Into Key Resistance! Price Crash To $2,500?

The Ethereum price is still very bearish, crashing more than 5% today after the bulls failed to break through the $3,204 key resistance level in the 4-hour timeframe. This bearish move played out exactly as we predicted in our previous analysis Warning: ETH Running Into Key Resistance! Price Crash To $2,500? but that Ethereum sell-off might just be getting started!

Right now, Ethereum is confirming our bearish bias by forming a bearish flag pattern just below that $3,204 key resistance!

Massive Sell-Off Coming For ETH! Watch This Flag Pattern
Massive Sell-Off Coming For ETH! Watch This Flag Pattern in the 4-hour timeframe

If this bearish flag pattern plays out, there is a very high probability that we might see a massive dump in the Ethereum price soon!

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The $3,204 Key Level

Watch this $3,204 horizontal key level in the 4-hour timeframe. As far as ETH continues to trade below this resistance, our bias remains bearish

The $3,204 key resistance is the line in the sand for the Ethereum bulls. For us to see any bullish price action in Ethereum, the price of the Altcoin needs to break and close above $3,204.

As long as Ethereum continues to trade below this resistance, we can expect to see more bearish price movement for the Altcoin! And right now, that is all that we are seeing playing in the 4-hour chart.

ETH Flag Pattern!

Massive Sell-Off Coming For ETH! Watch This Flag Pattern
Massive Sell-Off Coming For ETH! Watch This Flag Pattern forming below a key resistance in the 4-hour timeframe

The flag pattern is a high-quality bearish pattern that offers us key levels to watch for a breakdown in price. And right now, Ethereum is still ranging within this 4-hour pattern.

The key level we are watching is the base channel of this flag pattern. For a bearish confirmation of an Ethereum sell-off, we need to see the Ethereum price breakthrough this channel and close below it in the 4-hour timeframe.

Massive Sell-Off Coming For ETH! Watch This Flag Pattern
Massive Sell-Off Coming For ETH! Watch This Flag Pattern

A bearish breakout like this would confirm the start of the Erhereum sell-off and point to more bearish price action in the coming days.

Final Verdict!

Ethereum is still very bearish with little to no sign of any building bullish momentum in the chart. And right now we are seeing Ethereum confirm this bearish bias in price by forming a flag pattern in the 4-hour timeframe.

If this pattern plays out, there is a very high probability that we might see a massive dump in price soon!

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