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For the past few days now, we have been tracking the Flag Pattern currently forming on the Ethereum 1-hour timeframe Ethereum Flag Pattern Playing Out As Predicted! Watch These Key Levels. This pattern is a key bearish continuation pattern that indicates that the Ethereum sell-off might actually continue once the ranging period is over.
The major question traders are now asking is “when will this ETH ranging period end?” and when can we expect the sell-off to continue?
Well, in this Ethereum analysis we will be talking about this. We will also be breaking down what we think is happening and what we think might happen in the coming days on the Ethereum price chart.
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How Long Will This ETH Ranging Period Last?
The simple answer to that question is “We don’t know for sure how long the ETH-ranging market will last” but we can look at the past ETH price chart to get a better perspective and see what the price has been doing for the past couple of months now.
And once we zoom out the larger pattern that comes into our view immediately is the Descending Channel Pattern. And this larger pattern is so important because the flag pattern we have been tracking is currently forming within this larger pattern
And this is not the first time a flag pattern like this has formed within this pattern. The last time it formed, the ranging period lasted for quite a while also before we finally saw the ETH price resume its crash!
This means the ranging period might still last a bit longer but no matter how high it ranges we do not want to see the ETH price breaking through the Descending channel pattern on the 1-hour timeframe.
Final Verdict!
The ETH flag pattern is still valid but we are yet to break through the ranging period for the pattern on the 1-hour timeframe.
However, now we know how high that ranging move can go. This helps us remain calm through this period of indecision and inactivity in the ETH market.
For the best trade entry for this bearish flag pattern currently forming on the 1-hour timeframe, read our previous ETH analysis Ethereum Bulls Battling to Hold Price! What Next?
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