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The ETH price is currently trading in a massive flag pattern on the 4-hour timeframe. If this pattern plays out, we might see a price breakout either to the upside or downside in the coming days.
In this Altcoin analysis, we will be talking about the key levels to watch this coming breakout in the ETH price.
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Timing The ETH Market!
The ETH price is currently trading within this flag pattern on the 4-hour timeframe, respecting the two converging lines of the pattern while building momentum for a coming breakout.
This price breakout can either be to the upside or the downside.
However, in this analysis, we will be talking about only the bearish scenario for an ETH breakout to the downside. If this prediction plays out, we might see up to a 64% dump in the Ethereum price in the coming weeks.
Ethereum Bearish Prediction
The Ethereum price has been selling off for weeks now, increasing the potential for us to see this bearish trend continue once the Ethereum ranging market ends and we see a price breakout from the bearish flag pattern.
The target we are watching for is the $684 price level. A sell-off might push the Ethereum price down to these levels in the coming days for a final leg down before the bullish trend likely resumes!
Watch This Massive Pattern Forming On ETH. Key Levels To Watch!
The most important key level to watch for the start of this Ethereum sell-off would be the $1,639 support region. This region is very important to the Eth price because it has successfully held Ethereum from falling back low all through the year.
This would be the major challenge for Ethereum bears in the coming days, can they break through $1,639 support, or will the Altcoin price just bounce and continue heading higher?
Watch This Massive Pattern Forming On ETH. Final Verdict!
We are still very bearish on Ethereum and believe we still have the potential to see one more leg down before the bearish trend comes to an end on the 4-hour timeframe.
But for that bearish prediction to remain valid, the Ethereum price must continue to respect and trade within the flag pattern.
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