Ethereum is currently forming either a flag pattern formation or a most likely an ascending triangle. However, price is currently in a downtrend and sellers have shown a strong presence with large impulsive red candles on the chart, so I think this ascending triangle pattern might break to the downside and price could reach $182 again.

The $182 level is a key major support level that should provide a strong base for buyers to step in again (myself included) and regain control of price. If buyers show enough strength, we might see price get up to the $263 mark soon.

Overall, although Ethereum is currently on a bearish run, I believe this correction will be over soon and we have to remember that on the long term (weekly timeframe) we are in a retracement that is part of a bullish continuation pattern, so hopes are high for that $182 level.

Let’s see what happens, please let me know what you think in the comments below and thank you for reading!