Ethereum Price Prediction Daily (06-May): Ethereum Sell-Off Playing Out Exactly As We Predicted! What Now?

3:30 pm, Sat, 6 May 23

Current Ethereum Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?
Ethereum price prediction from a previous analysis Ethereum Price Pushing Up! What Now?

In our previous ETH analysis, Ethereum Price Pushing Up! What Now? we talked about the rally we were seeing play out yesterday and how it could be a bullish fake-out before the bears resume the Altcoin price push lower.

Well, that bearish prediction is playing out exactly. In just today alone, the Ethereum price has crashed more than -8%, reversing all the gains it made over the last few days and indicating a stronger seller’s presence in the market.

In this Ethereum analysis, we will be talking about what this sell-off means for Ethereum and what we can expect next from the Altcoin price.

To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $30,000 Bonus when you fund your Bybit account with our Bybit link

Claim up to $30,030 in Bonus

100x Leverage

ETH Testing This Key Support Again!

Ethereum Sell-Off Playing Out Exactly As We Predicted! What Now? Watch this key level in the 4-hour timeframe
Ethereum Sell-Off Playing Out Exactly As We Predicted! What Now? Watch this key level in the 4-hour timeframe

The Ethereum price has sold off back down to the $1,684 key support again. This 4-hour support has held over and over again for months now and is currently the most important level for the Ethereum bulls.

If the ETH bears can push the Altcoin price back below this $1,684 key support, there is a very high probability that we could see a massive -15% sell-off in Ethereum.

So for now we are watching this $1,684 key support to see if the Ethereum bears are finally ready to break below. Until that happens, we will need to stand aside and continue to watch the price action develop.

Ethereum Sell-Off Playing Out Exactly As We Predicted! What Now? Watch this key level in the 4-hour timeframe
Ethereum Sell-Off Playing Out Exactly As We Predicted! What Now? Watch this key level in the 4-hour timeframe

Final verdict!

We are still very bearish on the Ethereum price and believe that the Altcoin might be setting up to move lower in the coming days.

The $1,684 key support is the major level we are watching right now.

We need to see the Ethereum price break through and close below this $1,684 key support in the 4-hour timeframe for us to get the bearish confirmation we need to indicate the start of the ETH sell-off.

Claim up to $30,030 in Bonus

100x Leverage

How to Trade Bitcoin (BTC)?

To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.

https://legends.bitcoinsensus.com/

PrimeXBT Covesting: Trade Hassel Free

Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link  PrimeXBT Covesting

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: