– Course (ETH): $2,066 (previous week: $2,690)
– Short-term resistances/goals: $2,161, $2,305, $2,448, $2,733/2,815, $3,051/2,993, $3,170, $3,273, $3,408/3,577
– $1,947, $1,766, $1,713, $1,545, $1,489/1,425, $1,359, $1,223, $1,083/999, $922
Ethereum forecast
– The sell-off pushes Ethereum back to the summer 2021 history lows of $1,800 before a countermove began.
– Ethereum is now trading 56 percent below its all-time high.
– The current technical reversal is primarily due to the oversold status.
– The $2,305 area is now acting as the first strong resistance.
– Only when this price mark is clearly recaptured does the zone between USD 2,733 and USD 2,815 move back into the focus of investors.
– A sustained drop below the weekly low of USD 1,766 activates new price targets in the USD 1,500 range.
Bullish Scenario (Ethereum):
– The bulls have been severely punished in recent days.Despite continued very high staking rates, the ether price slipped below USD 2,000 for a short time before a countermovement began.
– Interestingly, the Ethereum whales seem to continue accumulating ether in a big way.Many investors continue to wait for Ethereum 2.0 and the move from proof-of-work to proof-of-stake.
– Today’s recapture of USD 2,000 can be seen as a first recovery in the short term.This also coincides with a bullish divergence in the 12-hour chart and the oversold indicators in the daily and weekly charts.
– However, Ether price must now rally back above the $2,160 resistance in a timely manner to reduce the immediate threat of another sell-off.
– Optimally, Ethereum tries to start the yellow resistance area between USD 2,305 and USD 2,448 in the coming trading days.A directional battle between bulls and bears can already be expected here.
– If the bulls succeed in recapturing the yellow resistance zone, investors will focus again on the USD 2,733 mark.
– This strong resistance from EMA50 (orange), Supertrend and horizontal resist represents the first important price target for the coming trading week.
Price rally towards USD 3,000 increasingly likely
– If the ether price also jumps back above this resist as part of a broader recovery movement and stabilizes above USD 2,815 at the end of the day, a preliminary decision will be made at USD 3,051.
The cross resistance from EMA200 (blue) and horizontal resistance line should not be overcome at the first attempt.Rather, some investors are likely to want to rake in profits.
– If there is no significant profit-taking, and Ethereum also sustainably cracks this price level, a subsequent increase up to USD 3,273 is conceivable.Here the ether course failed several times recently.
– If the bulls can pulverize this price mark in the medium term, the maximum target range for the coming weeks of between USD 3,408 and USD 3,577 will come into focus for investors.
– However, sustainably breaking the resistance at USD 3,577 is a mammoth task.
– Should Ethereum recapture this massive resist area in the coming weeks, the chart picture will brighten significantly.
However, a jump above USD 3,577 currently seems unlikely, as the sell-off over the last 10 trading days was too strong.
Bearish Scenario (Ethereum)
– The bears are taking advantage of the weakness in Bitcoin (BTC) and pushing the ether price down to the lows from the summer months of the previous year.This price scenario was already mentioned in the last analysis from April 15th.
– However, the key support at $1,713 has not been initiated.
– The bulls came back into the market at USD 1,766 and prevented a sell-off in Ethereum.
– If the bears keep selling pressure and prevent a recapture of the strong resistance at USD 2,305, another corrective move is conceivable.
– If Ethereum slips back below USD 1,947 in the coming trading days and the 23 Fibonacci retracement at USD 1,902 is also abandoned, a retest of the weekly low can be expected.
– A drop below USD 1,703 clouds the chart again.
The probability of another sell-off increases significantly
– If at the same time the selling pressure on the classic financial market increases again, Ethereum should also lose further ground and fall back towards USD 1,545.However, this support could only provide short-term support.
– A direct price slide into the gray support zone between USD 1,489 and USD 1,425 is more likely.Here, increased purchases of the bull stock are to be planned.
– However, if there is no sustainable stabilization in this support zone, Ethereum could break further into the light blue zone.
The area between USD 1,359 and USD 1,223 has already acted as a key support area at the beginning of 2021.
– Once again, the bull camp will do everything possible to stabilize the Ether course here.
– However, if the bears can dynamically undercut this area as well, and the daily close undercuts USD 1,223, the correction will extend towards the burgundy support area.
– The zone between USD 1,083 and USD 999 was already used last year as a springboard for the price rally in 2021.The 38 Fibonacci retracement also runs here.
– The maximum bearish price target for the coming trading weeks is located at USD 922.A relapse below this support level seems unlikely from the current perspective.
Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations.
They are merely an assessment by the analyst.
The chart images were created using TradingView created.
USD/EUR exchange rate at the time of going to press: EUR 0.96.
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