For weeks now, we have been tracking the bigger bearish Head and Shoulders Pattern currently playing out in the 4-hour timeframe.
This pattern is very important to the Ethereum price right now because it not only gives us a way to take advantage of a potential sell-off in the ETH price, but it is also situated right at a major support region that has refused to give way for weeks now.
If the ETH bears can push the Altcoin price below this $1,684 support region, there is a very high probability that we might see this bearish Head and Shoulders Pattern play out in the coming days.
In this Ethereum analysis, we will be talking about the additional bearish confirmation that is currently playing out and what it might mean for the ETH market.
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ETH Bearish Flag Pattern
The Ethereum price is right now forming another key bearish pattern in the 4-hour timeframe.
This bearish flag pattern is a warning that the ETH price might finally be getting ready to sell off in the coming days.
If this Ethereum bearish Flag pattern Plays out completely, there is a very high probability that we might see the Altcoin price sell off more than -15% in a matter of days.
The image below is an example of what that completed Flag Pattern might look like.
We are seeing bearish confirmations on bearish confirmations that the ETH price might be getting ready to sell off soon! And right now we are tracking a new bearish Flag Pattern that just formed in the 4-hour timeframe.
The only thing left now is for us to see the $1,684 key support give way. If this 4-hour support gets broken, this would be the indication we need to confirm the start of the push lower in prices.
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