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In our previous analysis ETH Price Prediction For Next Week! Expect More Sell-Off we warned our readers of a possible sell-off this week once the Ethereum price broke through the $2,593 minor support on the 1-hour timeframe.
That sell-off played out today but we also saw a sharp correction of that move lower, making a lot of traders consider that the ETH bulls are stepping in and this bearish move might finally be over.
However, we think otherwise. There is a very high probability that this correction was just a small move up as the market opened up with a bit of bullish relief. But that bullish relief won’t last long and we can expect to see the price sell-off continue in the coming days.
In this Ethereum analysis, we will be updating our price prediction and breaking down what we believe might happen next and why.
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Ethereum Sell-Off Still Far From Over
In the coming days, we expect to see this Ethereum move higher to come to an end and for the move down to resume.
Our bearish target remains the base of the converging triangle pattern Ethereum is currently trading in on the 4-hour timeframe.
There is a very high probability that Ethereum will sell off to this key region before finding any form of major support for the price.
What Are We Experiencing Right Now?
What we are seeing play out right now is a Relief Rally, this type of rally usually happens when the price has gone in one direction for so long (it can also be called a bull trap because it sucks in buyers before the sell-off continues).
Ethereum sold off all through last week with little to no pullbacks, so it was very expected that we would see a relief rally take place.
Look To The Left, It Has Happened Before
Also not too long ago, this exact price played out exactly on the Ethereum 1-hour price chart.
- We saw massive sell-off
- Price consolidation around $2,539
- Price break below $2,539 followed by
- A sharp Relief rally/A bull trap
- And then the resumption of the sell-off
It looks the same right? Well now you know what the price is actually doing and you are fully prepared for it.
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