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ETH Analysis – Price is on flag support. Will it end with a breakthrough?

2 min read

ETH is not exception and also created in the last day correction leg. The continuation of the bottom of the correction is still ongoing and the market price is in the area of ​​the support of the bull flag, which has been valid since the beginning of November. So let’s see where the significant levels are support and resistance.

ETH At present, it continues to decline and despite the fact that we are on the export, the local bottom is not confirmed. RSI It also indicates oversold and it is quite possible that the local minimum is close. Identifying this minimum is only a short-term matter and we will probably still have to wait for the trend to reverse.

Ethereum continues to correctSource: TradingView

ETH continues to correct

As we can see, even though we are in bull pattern flag, the price can also be closed by breaking the support and not only by breaking the resistance. We will be watching at the moment support at $ 3,200 where the point of control is located. For now, however, the flag is still valid and the price continues in the pattern down.

In a bullish scenario it is possible that the price has already found a local minimum and in the short term we will go upwards. However, this scenario will only occur if the whole market moves in this direction. The volatility of the last leg originated only a few hours ago, and in such cases the market usually moves together as a whole with some exceptions.

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