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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.
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.
Key Levels To Watch For
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.
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.
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.
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