Hello Traders

Here is my analysis for Ethereum …

ETH is forming a Bear Flag . Right now it is still technically immature, however if it continues to follow the channel it has been trending between then soon enough a mature Bear Flag will form and the probability of a break to the downside greatly increases.

What is the next target for ETH?
– If the formation plays out like I think it will, ETH will hit $3,000 in the next week, maybe even days.
– $3K is a major level for ETH. It is not only a major support level with multiple strong touches, but it also coincides perfectly with the .5 Fib.
– Another factor (Although not as powerful) is that the bottom trend line ETH has been following for the past 10 days leads straight to the $3K level.
*There is enough confluence here to rate this target as a high probability of being hit.

What will happen when ETH hits the $3K level?
– I would expect a strong bounce.
I will make another post with a trade idea for a long position in the coming days.

Happy trading and best of luck.