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In our previous Ethereum analysis, ETH Flag Pattern Playing Out Exactly! What Now? we identified the key Bearish Flag Pattern forming in the 15-minute timeframe and warned our readers of the possibility for us to see a price sell-off soon.
Well, that ETH sell-off is still yet to happen. Right now, we are seeing the Ethereum price encounter a lot of bullish pressure. However, in this ETH TA, we will be talking about the most important level for Ethereum right now.
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ETH $1,875 Key Resistance
The most important price level for the ETH price right now is the $1,875 key resistance in the 15-minute timeframe.
This key level is so important to the ETH price right now because it is the invalidation point for the Bearish Flag Pattern we are currently tracking in the 15-minute timeframe.
And if this bearish pattern gets invalidated, it just means more noise and a sideways market for the ETH price chart. So it is important for the bears to defend this $1,875 key resistance at all costs in the coming days.
Final Verdict!
We are still bearish on the ETH price right now and believe there is a very high probability for us to see a massive sell-off to the downside in the coming days.
The bearish pattern that is currently supporting this bias is the ETH bearish Flag Pattern forming right now in the 15-minute timeframe.
In the coming days, we will be watching this key pattern closely to see how it develops.
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