The best way to understand what the market is telling us is through patterns, and right now the Ethereum price is trading within a key pattern in the 1-hour timeframe.
This Channel Pattern offers us key levels to watch for, and we expect to see the Ethereum price find support/resistance as it interacts with these price levels in the 1-hour timeframe.
Why are these levels important? Well, they have held on previous occasions and they still have the potential to be Ethereum price magnets.
If this prediction plays out, there is a very high probability that we might see the Altcoin price continue to trend lower back down to this major support in the 1-hour timeframe.
In this Ethereum analysis, we will be breaking down the key levels we are currently seeing on the ETH price chart and why we believe there is still a very high potential for the ETH price to move lower in the coming days.
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Ethereum Potential -8% Dump!
The Ethereum price is currently in no man’s land, far away from the major support or resistance that has held the ETH price over and over again in the past.
This means we expect to see a major move in Ethereum soon. But the questions now are:
- In what direction can we expect this move to go?
- How can we know when the move has started?
And to best understand this, we will be taking a look at the current price action forming right now on the 1-hour timeframe.
Bearish Flag Pattern
If we take the current move that is playing out right now on the Ethereum 1-hour timeframe, we see a potential Bearish Flag Pattern. We said a Potential because the Bearish flag pattern is still yet not completed.
For this pattern to be completed, we need to see the Ethereum price break and close below the Channel support currently holding the price up.
But that is still yet to happen, instead, we are still seeing Ethereum continue to range within this mini flag formation currently playing out on the 1-hour timeframe
What Now?
Well, for now, we are standing aside and waiting. Ethereum needs to break and close below that flag forming to be completed and ready to move lower.
Until a bearish move like this occurs, we will remain neutral on Ethereum.
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