Ethereum Price Rebounds! BUT don’t be fooled by $ETH Spikes
In our last Ethereum price prediction, we wrote that the price is in a sideways phase. Such phases break out bearish in most cases as these are considered continuation patterns. Because of this, we also expected the price to break out in a bearish fashion. But now the price could prove the opposite. How far will Ethereum price go upwards? Won’t we go back down to $1,800? Let’s analyze.
Ethereum Price Breaks BULLISH??
The Ethereum price was able to break out of the sideways phase between $2,300 and $2,500 just today. We anticipated a bearish breakout in yesterday’s article as it is a continuation pattern. Now, the resistance has been broken, which is why we anticipate that Ethereum price could target the $2,800 – $3,000 resistance area next. After that, however, it could go south again.
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Ethereum Price Prediction – THIS is what should Happen
Despite the bullish breakout, we still expect a dump towards $2,000 – $1,800. We think the price will use the next short-term uptrend to catch its breath so it can continue falling. It has to be said that we only confirm the $2,000 as soon as the price falls below $2,300 and thus breaks the support.
For day traders, it might be a good idea to prepare a short position accordingly. Usualy, an upward movement would go in tandem with the entire cryptocurrency market. That’s why it is very important to keep an eye on the entire crypto community and altcoin prices especially Bitcoin. If they continue to recover for now, placing that short position wouldn’t be a good idea.
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