{"id":438379,"date":"2020-09-14T13:02:19","date_gmt":"2020-09-14T13:02:19","guid":{"rendered":"https:\/\/wncen.com\/?p=438379"},"modified":"2024-06-11T14:16:21","modified_gmt":"2024-06-11T14:16:21","slug":"ethereum-flag-pattern-risks-plunge-towards-177-heres-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-flag-pattern-risks-plunge-towards-177-heres-why\/","title":{"rendered":"Ethereum Flag Pattern Risks Plunge Towards $177; Here&#8217;s Why"},"content":{"rendered":"<p><a href=\"https:\/\/wncen.com\/2020\/09\/14\/ethereum-lacks-momentum-above-370\/\">Ethereum is facing risks<\/a> of undergoing a massive plunge as it partially confirms a bearish flag pattern.<\/p>\n<p>The technical setup appears after an asset forms a consolidation channel upward following a strong bearish move. The downward movement is called flagpole, while the consolidation is referred to as the &#8220;flag&#8221; itself. Ethereum is forming the same pattern, as shown in the chart below.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/vH9c4IvE.png\"><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"size-large wp-image-438382\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/vH9c4IvE.png?fit=860%2C860\" alt=\"ethereum, ethusd, ethbtc, ethusdt, cryptocurrency, crypto\" loading=\"lazy\"><\/a><\/p>\n<pre>ETH\/USD is consolidating in an upward channel. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/?exchange=COINBASE\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<p>The second-largest cryptocurrency is forming a flag pattern followed by a large slope downwards \u2013 a flagpole whose maximum height is near $178. Thereby, if ETH\/USD breaks below the upward channel support, then it is at the risk of declining by as much as $178 from the point of breakdown.<\/p>\n<p>That is, at least, according to the technical description of a <a href=\"https:\/\/wncen.com\/topic\/flags-and-pennants\/\">Bearish Flag pattern<\/a>. If ETH\/USD breaks to the downside today, then its primary downside target sits at $177. Nevertheless, breaking down from a higher level will naturally lift the Flag target as well.<\/p>\n<p>A Bearish Flag, meanwhile, is never 100 percent accurate. For instance, if the upward channel retracement extends beyond 50 percent, then there is a less likelihood of bearish continuation and more of an extended uptrend. Ideally, the bounce back to confirm a Bearish Flag should be no more than 38 percent.<\/p>\n<h2>Fib Retracement<\/h2>\n<p>The graph below shows an accurate description of the Ethereum&#8217;s retracement following its move from $488-high to $323-low.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/LPWQbmGl.png\"><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"wp-image-438387 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/LPWQbmGl.png?fit=860%2C860\" alt=\"ethereum, ethusd, ethbtc, ethusdt, cryptocurrency, crypto\" loading=\"lazy\"><\/a><\/p>\n<pre>Ethereum price targets in a Bear Flag pattern. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/?exchange=COINBASE\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<p>The price has reversed once from the 38.2% level of the graph at circa $386. Meanwhile, it has spotted good support near the 23.6% level at near $362. ETH\/USD is currently attempting to retest $386 as its interim long target while eyeing a continuation towards the 50% level at circa $406.<\/p>\n<p>Such a move may end up invalidating the Bearish Flag altogether, putting ETH\/USD en route to a breakout move towards $425, $453, and so on.<\/p>\n<h2>Supportive Ethereum Fundamentals<\/h2>\n<p>A looming Bearish Flag crisis also eyes negation with supportive on-chain metrics. It is the data on the Ethereum blockchain that observers study to guess investors&#8217; sentiment for the cryptocurrency.<\/p>\n<p>Konstantin Anissimov, Executive Director at CEX.IO, mentioned one of such metrics in his weekly note to clients. The analyst noted that Ethereum&#8217;s 36 percent price correction brought ample opportunities for whales to buy the token for cheap.<\/p>\n<blockquote><p><span style=\"font-weight: 400\">&#8220;Data reveals that roughly 68 new addresses holding between 1,000 to 10,000 ETH joined the network during the market-wide correction,&#8221; he noted.<\/span><\/p><\/blockquote>\n<p>Meanwhile, a pseudonymous trader <a href=\"https:\/\/twitter.com\/rektcapital\/status\/02558464\" rel=\"nofollow\">expected<\/a> Ethereum to drop further if it closes the week below $360. The comment came on Sunday whereby ETH\/USD plunged to as low as $355 but closed near $365. That showed a short-term bias conflict in the market.<\/p>\n<p>If the pair plunges back below $360, then it would continue to play out the Bearish Flag narrative.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum is facing risks of undergoing a massive plunge as it partially confirms a bearish flag pattern. The technical setup appears after an asset forms a consolidation channel upward following a strong bearish move. The downward movement is called flagpole, while the consolidation is referred to as the &#8220;flag&#8221; itself. Ethereum is forming the same pattern, as shown in the chart below. ETH\/USD is consolidating in an upward channel. Source: TradingView.com The second-largest cryptocurrency is forming a flag pattern followed by a large slope downwards \u2013 a flagpole whose maximum height is near $178. Thereby, if ETH\/USD breaks below the upward channel support, then it is at the risk of declining by as much as $178 from the point of breakdown. That is, at least, according to the technical description of a Bearish Flag pattern. If ETH\/USD breaks to the downside today, then its primary downside target sits at $177. Nevertheless, breaking down from a higher level will naturally lift the Flag target as well. A Bearish Flag, meanwhile, is never 100 percent accurate. For instance, if the upward channel retracement extends beyond 50 percent, then there is a less likelihood of bearish continuation and more of an extended uptrend. Ideally, the bounce back to confirm a Bearish Flag should be no more than 38 percent. Fib Retracement The graph below shows an accurate description of the Ethereum&#8217;s retracement following its move from $488-high to $323-low. Ethereum price targets in a Bear Flag pattern. Source: TradingView.com The price has reversed once from the 38.2% level of the graph at circa $386. Meanwhile, it has spotted good support near the 23.6% level at near $362. ETH\/USD is currently attempting to retest $386 as its interim long target while eyeing a continuation towards the 50% level at circa $406. Such a move may end up invalidating the Bearish Flag altogether, putting ETH\/USD en route to a breakout move towards $425, $453, and so on. Supportive Ethereum Fundamentals A looming Bearish Flag crisis also eyes negation with supportive on-chain metrics. It is the data on the Ethereum blockchain that observers study to guess investors&#8217; sentiment for the cryptocurrency. Konstantin Anissimov, Executive Director at CEX.IO, mentioned one of such metrics in his weekly note to clients. The analyst noted that Ethereum&#8217;s 36 percent price correction brought ample opportunities for whales to buy the token for cheap. &#8220;Data reveals that roughly 68 new addresses holding between 1,000 to 10,000 ETH joined the network during the market-wide correction,&#8221; he noted. Meanwhile, a pseudonymous trader expected Ethereum to drop further if it closes the week below $360. The comment came on Sunday whereby ETH\/USD plunged to as low as $355 but closed near $365. That showed a short-term bias conflict in the market. If the pair plunges back below $360, then it would continue to play out the Bearish Flag narrative.<\/p>\n","protected":false},"author":50,"featured_media":438393,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,13625,4],"tags":[6664,1558,65296,1946,8686,78803],"class_list":["post-438379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ethereum","category-analysis","tag-crypto","tag-cryptocurrency","tag-ethbtc","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Flag Pattern Risks Plunge Towards $177; Here&#039;s Why<\/title>\n<meta name=\"description\" content=\"Ethereum is facing risks of undergoing a massive plunge as it partially confirms a bearish flag pattern. 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.\",\"url\":\"https:\/\/wncen.com\/author\/gola-yashu\/\"}]}<\/script>\n","yoast_head_json":{"title":"Ethereum Flag Pattern Risks Plunge Towards $177; Here's Why","description":"Ethereum is facing risks of undergoing a massive plunge as it partially confirms a bearish flag pattern. 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