Ethereum is back bearish today after a bullish move last week. Will price decline further? The following 10-11 Ethereum price prediction looks at ETHUSD technical forecast based on Elliott wave theory.
After a rally close to $500 last week, price resumed the bearish run this week- now trading below $450. A break below $400 would extend the bearish run toward $300. In the last update after spotting a reversal pattern, we expected price to rally from $400 and further to $550, $630 and $700 if the bullish move is genuine. The rally was expected to be corrective and run towards $700. With the current dip, it seems price would only make a shallow bullish correction before making a new low. That’s the story for now. In the last update, the chart below was used.
Price looks much likely to break above $550, $630 up to $700 in a corrective move. If the move is corrective, a fast drop could follow and the next move would be much worse as price could head to $200. If we have an impulse wave, a rally above $700 is much likely, followed by a dip and another rally above $1000 to lead a total recovery. If price fails to break above the wave ii-iv line, a dip below $400 might follow immediately without a breakout to $700.
Price broke above the wave ii-iv channel but the bullish momentum slowed down and a fast bearish move took most of the profits from $400. The chart below shows the new update.
10-11 Ethereum price prediction: what next?
Price is now close to the $400 low after being unable to break above $500 despite the diagonal breakout. The rally to $496 is corrective and shallow. A strong rally above $500 could still happen to continue the bullish correction. This is likely but price is more likely to break below $400 as the bearish trend continues. The long term move is bearish and its clear price would flow in that path in the coming days. The next bearish target stays at $300-350. Stay tuned for the next update.
Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.
Don’t forget to share this analysis with people that matter to you.