Despite the bad news of the SEC suing the Binance crypto exchange, this in no way means ETH sell-off after the news panic will continue.
For that ETH bearish sell-off to continue, we need to see the Altcoin price breakthrough and close below the $1,755 major support level in the 4-hour timeframe.
Well, since publishing that TA, we have seen the Ethereum price sell off to that major support and then bounce! What does this mean for the ETH price and what can we expect in the coming days?
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $30,000 Bonus when you fund your Bybit account with our Bybit link
Claim up to $30,030 in Bonus
ETH Bearish Flag Pattern Is Still Valid!
This ETH Key Support Is Still Holding Strong! What Now? Watch this price prediction in the 4-hour timeframe
The pattern we are still tracking right now is the Ethereum Bearish Flag Pattern currently playing out in the 4-hour timeframe.
The Ethereum price is still respecting this key pattern! However, we do not have our bearish confirmation to indicate the completion of the pattern and the start of the ETH sell-off.
For that bearish confirmation to play out, we need to see the ETH price break through the $1,755 key support in the 4-hour timeframe and continue to push lower.
The image below is the kind of price action we are expecting to see play out on Ethereum in the coming days.
Side Note: For a full breakdown of why the $1,755 key support is so important to the ETH bulls read this previous TA where we break down the levels the ETH price is ranging in right now ETH Ranging Market Continues! What Now?
Final Verdict!
We are still very bearish on Ethereum right now and believe there is a very high probability for us to see the Altcoin price begin to push lower in the coming days.
The key pattern we are currently tracking is the ETH bearish Flag pattern forming in the 4-hour timeframe. For this bearish pattern to be confirmed, we need to see the Altcoin price breakthrough and close below the $1,755 key support level.
A bearish breakdown like this would confirm the end of the ETH-ranging phase and the resumption of the push lower in price.
Claim up to $30,030 in Bonus
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
BTC Artist
