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The Ethereum price is currently forming a flag pattern in the 4-hour timeframe. This pattern offers us a glimpse of what might happen in the coming days and the key levels to watch for.
In this ETH analysis, we will be talking about the bearish scenario for Ethereum and the levels we are watching.
If this bearish prediction plays out, there is a very high probability that we might see the ETH price sell-off in the coming days!
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The Ethereum Flag Pattern
The Ethereum price is currently trading within two descending channels in the 4-hour timeframe. We have seen the altcoin price test these descending channels on numerous occasions and fail to breakout.
Right now the ETH price is testing one of these levels again. If it continues to hold, there is a very high probability that we might see ETH sell-off back down to the base of the flag pattern again soon!
This is a potential 10% drop in the Ethereum price, and it might happen at any time.
The Ethereum price is currently trading at a key level in the 4-hour timeframe. If this level continues to hold, there is a very high probability that we might see an ETH sell-off back down to the $3,000 region soon.
But for this bearish prediction to remain valid, ETH needs to respect and continue to trade below the resistance channel of the flag pattern.
A break of this resistance invalidates this bearish prediction in Ethereum and points to a more bullish rally in the coming days.
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