Ethereum Price Prediction Daily (04-Dec): Ethereum Bearish Prediction Playing Out! Sell-Off Over?

Ethereum Price Prediction Daily (04-Dec): Ethereum Bearish Prediction Playing Out! Sell-Off Over?

Alt coin
December 5, 2022 by secret
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Ethereum price prediction from a previous analysis Ethereum Bearish Price Prediction Playing Out! What Next? For days now, we have been tracking the Ethereum Bearish Flag Pattern forming in the 1-hour timeframe. And in our previous analysis Ethereum Bearish Price Prediction Playing Out! What Next? we identified the ETH price breakdown below the pattern, indicating
1280-resistance-zone.png


Ethereum Price Prediction Daily (3-Dec)
Ethereum price prediction from a previous analysis Ethereum Bearish Price Prediction Playing Out! What Next?

For days now, we have been tracking the Ethereum Bearish Flag Pattern forming in the 1-hour timeframe. And in our previous analysis Ethereum Bearish Price Prediction Playing Out! What Next? we identified the ETH price breakdown below the pattern, indicating that the sell-off is about to begin.

That sell-off played out exactly! However, our bearish target of $1,228 is still yet to be smashed. Will the price continue to push lower or is the sell-off over?

In this Ethereum analysis, we will be talking about the key levels we are currently watching as well as our current bias on the Ethereum tren.

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Ethereum Bearish Flag Pattern

Ethereum Bearish Prediction Playing Out! Sell-Off Over? Watch this key pattern playing out in the 1-hour timeframe
Ethereum Bearish Prediction Playing Out! Sell-Off Over? Watch this key pattern playing out in the 1-hour timeframe

The standard target for this Ethereum Bearish Flag Pattern is the $1,228 price region. And as we can see from the image above, Ethereum is still yet to reach it.

So for the coming days, we will be remaining bearish on the Altcoin price as we expect to see more movement to the downside play out.

Key levels To Watch!

Ethereum Bearish Prediction Playing Out! Sell-Off Over? Watch this key pattern playing out in the 1-hour timeframe
Ethereum Bearish Prediction Playing Out! Sell-Off Over? Watch this key pattern playing out in the 1-hour timeframe

The Ethereum price is currently trading below this key resistance zone in the 1-hour timeframe. We can clearly see how the price respected this zone when it got above it as well as when it fell back below.

So for us to remain bearish on Ethereum, we want to see the ETH price respect and continue to trade below this $1,280 resistance zone.

A price break back above it could easily turn this zone into new support, forming a solid base for more buyers to begin stepping into the market.

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