ETH price prediction shows that even though we are seeing a new ATH on ETH, Chances are high now that Nov 2021 could close negatively against the buyers. At this point, could the current breakout above the previous ATH be a fake-out?… Eth price cleared the previous ATh price range of $4367 to hit a fresh new All-Time High of $4878. Looking at ETH’s recent price action, we will need to understand briefly ETH’s previous price movement. We see a bullish market on ethereum that has been sustained since the breakout in 2020.
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ETH price Prediction Base On 1Week Chart(Weekly ETHUSDT Binance)
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A long-time consolidation that lasted close to 2years(2018 to 2020), leading to good accumulated money that ended up favoring the holders, leading to price experiencing a forceful breakout from the long time $400 consolidation range. Buyers made a good run to $4400 before going for a first leg retest(see this as a rematch with the seller), Price dropped as low as $1717 losing almost $2600.
After a period of sideways, By August 2021, We see the buyers regaining their buy force back to clear the previous $4317 ATh and formed a fresh new ATH at around $4878 on Binance. Eth as at the tie of writing is currently trading around $4200. We are my view on the next possible move. Here is what see coming base on my Box strategy.
This is how the weekly chart of ETH looks like on Binance USDT. Using my Price action box strategy, I do see that price did break through into the resistance area it failed to sustain the last time it arrived at it.
So what does that tell me?
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It means that even though we are seeing a new ATHon ETH, Chances are high now that Nov 2021 could close negatively against the buyers that. At this point, is the current breakout above the previous ATH a fakeout?
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Well since the sellers instantly printed a strong bearish 3 bar reversal pushing the buyers back below the previous ATH level, still within the resistance area if you ask me(Top of the box highlighted in red. As long as the buyers are still within that red zone, be warned that chances are high they will start printing more of bears market structure of lower higher.
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What does this even mean? It means that price will not most likely see $4878 any time soon again, On the contrary, we are likely to see them sell for increase, though I do see a possible sideways around the red area that can last for some time, I do also see a breakdown coming after that sideways.
So while everyone will be expecting ETH to continue the pump, ETH will take a deep dive instead to the $2999 area(If the selling force is strong we could see the price heading for $2900).
ETH price Prediction Base on Daily Chart (1D ETHUSDT Binance)
The current sideways moves on ETH show that ETH is currently on a mini support area of which I do see breaking down one price cross below 3900. This will increase the seller’s force on the current resistance.
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A bounce later is very likely to retest the resistance and confirm the seller’s force to determine if the rejection is likely to hold. So far, we have seen the first rejection but no second rejection. The second reject is the leg that will push ETh to $2666. ETh could likely experience another sideways after this dump occurs. A good protective stop loss will be a good idea to prevent any sudden dump especially if you bought ETH above $4000 unless you don’t mind holding longer than 6months. But for Long term investment, I do see ETH hitting $12k to $16k by 2030 if you are hoping for a long term.
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