The Ethereum Sentiment Is Turning Bearish! Watch This Key Flag Pattern
The Ethereum price looks to be setting up for a massive dump soon! This sell-off in the Altcoin could be triggered by the bearish sentiment coming into the crypto industry after the governor of the Federal Reserve announced an increase in interest rates.
This increase in interest rates could see some investors becoming risk averse as they move funds into less risky, interest-bearing portfolios in the coming weeks.
In this Ethereum analysis, we will be talking about how this hike in interest rate might push the ETH price lower and what key pattern we are watching right now to take advantage of it.
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ETH Bearish Flag Pattern!
The Ethereum price is currently forming a bearish flag pattern in the 15 minutes timeframe. If this key pattern plays out, there is a very high probability that we might see a massive -10% dump in the value of Ethereum soon!
The image below is what a completed Bearish Flag Pattern looks like and what we expect to see the Ethereum price action looking like as the days go on.
Ethereum Bearish Prediction!
For the Ethereum bearish prediction, we want to see the ETH price break and close below this flag pattern to confirm the start of the sell-off.
A bearish close like this would signify that the Ethereum bears are still in control of the market and we can expect to see more bearish pressure come in and push the Altcoin value lower as the day goes on!
Our bearish target for a move like this on Ethereum is the $1,125 price level. This is the standard target for the Flag pattern and we expect to see the ETH price sell-off aggressively in this area in the coming days.
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