Ethereum: Textbook Bearish Continuation Pattern
2024-10-15

What you see on the chart marked with orange lines, is a textbook bearish continuation pattern. Once the pattern unravels, we should see a continuation of the move preceding it.

Ether (ETHUSDT) has been dropping since March 2024 and since this date it has produced no significant bullish action. In May there was a small bounce but it only lasted a few days and ended in a lower high. After this bounce, bearish momentum became stronger and the bearish action started to intensified.

It all ended in a major high volume crash on the 5th of August and after this crash we reach present day. Nothing bullish but simply bearish consolidation, and here we have the bearish flag pointing to a new drop in the coming days.

We are seeing the establishment of a new lower high within the consolidation pattern. Once this action is over, we will see what  happens next.

This chart setup continues bearish.

Thank you for reading.

Namaste.