ETH Retracement Might Be Over! Sell Now?

12:22 am, Fri, 28 May 21

Current Ethereum Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?
Ethereum price prediction from a previous analysis Week In Review: Elliot Wave Points To Scary Prediction For Bitcoin

In our previous Ethereum analysis, we warned our readers about the coming price rally that might occur this week and how it is important not to mistake it as the end of the bearish market in Ethereum Week In Review: Elliot Wave Points To Scary Prediction For Bitcoin.

Well, that price prediction played out exactly. Ethereum bounced off the $1,853 support level and rallied more than %57 in value all in a matter of days.

ETH Retracement Might Be Over watch this key level on the 4-hour timeframe

This plays out exactly to our Elliot wave prediction for Ethereum and points to lower prices in the Altcoin in the coming days. This push-down will represent the final 5th wave for this bearish trend.

ETH Retracement Might Be Over! Sell Now?
Ethereum Elliot wave prediction playing out exactly on the 4-hour timeframe

Key Levels To Watch For

ETH Retracement Might Be Over! watch the $2,371 key support on the 4 hour timeframe

The key level to watch is the $2,371 support region. A price break and a close below this level would confirm our bearish bias on Ethereum. A break of this support would signify the end of the current Ethereum rally and the resumption of the bearish trend back down to below the $1,853 support.

ETH Retracement Might Be Over! Sell Now?
$2,371 key support on the Ethereum 4-hour timeframe

However, if Ethereum is unable to break this support, we can expect to see the rally continue in the coming days, invalidating this bearish prediction in Ethereum.

Final Verdict!

ETH Retracement Might Be Over! Sell Now?
ETH Retracement Might Be Over! watch this key level on the 4 hour timeframe

Ethereum remains very bullish in nature and will remain so until the price breaks below the $2,371 support. A break of this support would signify the resumption of the bearish trend on the Ethereum price and a possible price crash in the coming days completing the final leg down for the 5th wave.

If you are looking to leverage trade Bitcoin up to 100x, sign-up on ByBit today. You can also use this link to claim a bonus on your first deposit.

For More Trading Ideas

Join us on our live streams as we break down the various technical analysis playing out across the crypto market.

Become Crypto Expert

Speed up your learning process by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.

Copy Trading With PrimeXBT Covesting

Want to trade Bitcoin? Use our link to sign up for PrimeXBT and make sure to use code “bitcoinsensus50” for a 25% bonus on margin trading!

Recommended Bitcoin Trading Platforms:
★★★★★
★★★★★

Rating: 94%

Claim up to $30,030 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 89%

Claim up to $4100 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 91%

Claim up to $7000 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.050%
Maker:
0.050%
Wire:
Credit:
Crypto: