Ethereum Price Prediction Daily (30-May): Is ETH Really Bullish? Watch Before You Leap!

Ethereum Price Prediction Daily (30-May): Is ETH Really Bullish? Watch Before You Leap!

Alt coin
May 30, 2023 by secret
145
Ethereum price prediction from a previous analysis ETH Breaking Below This Key Support As Predicted! What Now? For weeks now, we have been tracking the massive Head and Shoulders Pattern playing out in the 4-hour timeframe. And despite the long sideways market we have been experiencing, this bearish pattern is still very valid. In this
ls-3.jpg


Ethereum Price Prediction Daily (09-May)
Ethereum price prediction from a previous analysis ETH Breaking Below This Key Support As Predicted! What Now?

For weeks now, we have been tracking the massive Head and Shoulders Pattern playing out in the 4-hour timeframe. And despite the long sideways market we have been experiencing, this bearish pattern is still very valid.

In this Ethereum analysis, we will be updating you on what the ETH price is doing right now as well as the key resistance the ETH bears must defend for this bearish prediction to remain valid.

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

ETH Head and Shoulders Pattern

Is ETH Really Bullish? Watch Before You Leap! ETH key pattern to watch for in the 4-hour timeframe
Is ETH Really Bullish? Watch Before You Leap! ETH key pattern to watch for in the 4-hour timeframe

While a lot of analysts might already be screaming bullish, we over here are still a bit cautious about this price rally currently playing out.

From the image above, we can see clearly that the ETH Head and Shoulders Pattern is still in play! Jumping in for a buy at these levels could be a risky trade because there is still a very high probability that this price rally might just be a trap.

If this bullish rally ends up being a trap, there is a very high probability that we might see a massive sell-off play out in the coming days.

Key level To Watch Out For!

Is ETH Really Bullish? Watch Before You Leap! ETH key pattern to watch for in the 4-hour timeframe
Is ETH Really Bullish? Watch Before You Leap! ETH key pattern to watch for in the 4-hour timeframe

The most important level for Ethereum right now is the $2,020 key resistance level in the 4-hour timeframe. This is the price level the ETH price needs to break through in order to switch from a bearish trend to a bullish trend.

As far as the ETH price continues to trade below this $2,020 key resistance level in the 4-hour timeframe, we will remain bearish on the Altcoin.

This $2,020 key resistance level also serves as the invalidation point for the Head and Shoulders Pattern we are currently tracking.

So in the coming days, we will be keeping a close eye on this key level to see if it will continue to hold strong.

Final Verdict!

Despite the rally we are seeing play out, we are still bearish on Ethereum for now. The key pattern still supporting this bearish bias is the Head and Shoulders Pattern playing out in the 4-hour timeframe.

As far as this Head and Shoulder Pattern remains valid, there is still a fighting chance for the Ethereum bears to take back control of the market.

If you are more bullish on Ethereum, check out our TA What The ETH Bulls Must Do To Stop Any More Sell-Off

Claim up to $30,030 in Bonus

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

★★★★★

★★★★★

Rating: 89%

Claim up to $4100 in Bonus

★★★★★

★★★★★

Rating: 91%

Claim up to $7000 in Bonus





Source link

Add a comment