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The last time I analyzed Ethereum was earlier this month in an article titled “Ethereum Getting Ready To Moon. 16% Price Surge Soon!“.
In that analysis, I was able to correctly predict the bullish trend Ethereum is currently trading in. I also gave out my profit targets and important support and resistance regions I was watching.
Well, since then the Ethereum price as followed that prediction and is still currently moving higher. However, there are turbulent times ahead.
In this Ethereum analysis, I will be doing a follow up on my previous price prediction. I will be pointing out the major resistance Ethereum traders are currently scared of and what you should be watching out for.
I will also be giving you my honest opinion on what I think the Ethereum price will do once it gets there and how best to handle it.
The 0.03800 Price Region. Why Is It So Important?
This 0.03800 region is a very important price region for Ethereum because it has been a major support and resistance region in both the short term and long term timeframe.
This region is very critical because it as played a major role in the Ethereum price over a very long period of time.
Every time the Ethereum price broke through, we saw massive volatility and bullish momentum enter the Ethereum market. This led to massive price spikes.
These previous behaviors give us good hints that there is a high likelihood we might see that massive price surge reoccur if the Ethereum price broke through that 0.03800 resistance region again in the coming days.
This makes that 0.03800 price region an important resistance region a lot of buyers are closely watching and looking to buy Ethereum once it breaks out.
However, this region is also very critical for sellers and a lot of sellers would be looking to short in this region because the Ethereum price as been failing and crashing off of this level a lot in the past.
So if the price fails at this level, there is a high probability that we might see a massive crash in the Ethereum price in the coming days.
This makes it very important that you keep an eye on this critical resistance region as we get closer to it in the coming days.
Can Ethereum Break Through 0.03800 Or Will It Fail And Crash?
The simple answer to this question is “No one knows!” this is why it is important you begin managing your position aggressively, moving your stop loss, and taking profits off the table as we approach this region.
If price breaks out, we can easily join the bullish breakout and look for trades on the long side. However, if the price decides to crash, we could easily begin looking for shorting opportunities.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.
