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We have been following the Ethereum price for a while now, watching the Altcoin price develop and follow each and every one of our price predictions exactly.
In our last Ethereum analysis, we warned our readers of the end of the bullish rally which we labeled (wave 4) and the coming sell-off for (wave 5) in the coming days’ ETH Retracement Might Be Over! Sell Now?
In this Ethereum analysis, we will be talking about what you might expect next, as well as our bearish targets and points of invalidation.
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Invalidation Point For Ethereum Sell
The key level to watch is the $2,948 resistance region. Ethereum rejected off this region pointing to a very high bearish pressure forming at that $2,948 level.
As far as Ethereum price continues to trade below this $2,948 resistance, we are bearish on the Etheeum price. This makes this region the best place to put your stop loss for the ongoing sell trade.
Below we cover the two price scenarios that might occur in the coming days for Ethereum!
Scenario 1: Ethereum Might Rally A Bit
One of the price scenarios we are still considering here at the Bitcoinsensus headquarters is a small Ethereum rally before the sell-off continues. This rally will help Ethereum gather more momentum for the bearish dump.
However, we expect this rally to end far from the $2,948 key resistance. A break above this $2,948 key resistance invalidates this sell prediction and will definitely cause Ethereum to keep on moving higher.
Scenario 2: The Bears Are In Town!
The second scenario we are considering is a straight-down sell-off. This means Ethereum does not rally or range instead, it just continues selling off till it completes that 5th wave move.
For any of the above price scenarios that play out, it is important to understand that it is still well within our bearish bias for Ethereum.
Bearish Target For Ethereum
Our bearish target for Ethereum is $1,418. This level has served as both resistance and support for the Ethereum price on previous occasions and might do so again in the coming days if Ethereum sells off to that region.
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