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In our previous Ethereum analysis ETH Rally Far From Over! Watch These Key Levels we warned our readers of the potential for us to see an Ethereum price sell-off to the $1,579 price level before we find any major support again.
We also stated that we are currently bullish on Ethereum, and this sell-off is very likely a price cool-off after the massive rally we saw play out. But once this cool-off period is over, we expect to see the ETH price find support and begin to push back higher.
In this Ethereum analysis, we will be talking about the mini Bearish Flag Pattern that might be forming and what it might mean in the coming days.
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Ethereum Price Prediction Playing Out! Sell-Off To $1,579?
We believe the Ethereum price is getting into the final stage of the sell-off before it finds support and begins pushing up higher.
Right now, we are currently monitoring what seems to be a bearish Flag Pattern forming in the 1-hour timeframe. If this Flag Pattern plays out, there is a very high probability that we might see the Altcoin break down and begin selling off to the $1,579 next support soon!
This potential sell-off fits well with our price prediction and good be a perfect indicator that the ETH bearish momentum might be running out of steam soon!
So for now, we still believe there is a very high probability for us to see a price bounce and the resumption of the ETH bullish rally once this Bearish Flag is completed!
Final Verdict!
The Ethereum price is still in its retracement phase and we believe the Altcoin is currently forming what seems to be a Bearish Flag Pattern in the 4-hour timeframe.
If this pattern plays out, we expect to see the ETH price move lower for a bit before finding support and resuming its bullish rally. We still believe the Ethereum price is in a bull trend and what we are seeing right now is a typical price retracement before the rally resumes.
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