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What is Ethereum (ETH) Doing Right Now?
The price of Ethereum played out exactly how we discussed it in our last bullish scenario. ETH has already passed our price target of $2248 and is now bouncing off the same region after touching the $2385 price mark.
This nice bounce is an indication of the move towards the upside as we are seeing a higher-low on the 4hr time frame.
However, the trading volumes are still low, and the bulls will have to come out to push ETH towards another bullish wave.
Ethereum (ETH) Bearish Scenario
First, we will look at Ethereum’s bearish scenario as the price is more likely to move downwards due to low trading volume.
Currently, Ethereum is battling this bearish block and facing resistance between the $2330 and $2390 region.
The new level we need to watch here is the weekly pivot at $2223. Ethereum is going to test this resistance in the coming hours and is likely to break below it due to low volume.
If the price for Ethereum takes this route, then the next support zone for us will be at the $2012 mark. This level is likely to hold and also a great entry point for a long-trade.
It will also depend on how Bitcoin will behave as the market price is highly dictated by it. If BTC is bearish again the price can fall as low as $1750.
Ethereum (ETH) Bearish Scenario
Even though the trading volume is not in ETH’s favor, it is still looking bullish and moving upwards. On the 4-hour chart, ETH has broken above the trend line that it has respected several times in the past.
Now in order to move forward, ETH will have to retest the trend line and move past the resistance at $2390. Once we have gone above that level, our next target would be around the $2600 mark.
However, a large increase in volume is required for us to break above the weekly pivot resistance zone.
Conclusion: Is It the Right Time to Buy Ethereum (ETH)?
The price of Ethereum can go in any direction at the moment, so it is better to let it play out for a few hours.
As mentioned in our bearish scenario, ETH is expected to drop to the $2012 price mark, and that can be a great entry for a new trade.
Entry can also be taken at the retest of the trend line mentioned in our bullish scenario, but that could be risky and a more suitable trade for scalping.
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