11 Jun 2018
Ethereum is about to bridge below MAY ETHUSD price low. What are the next bearish targets if this happens? The following 11-13 June Ethereum price prediction looks at ETHUSD technical forecast based on Elliott wave theory.
The long term bearish Crypto market continues this month after price had given up more than half of APRIL profits. In April, price of ETH rallied from $362 to soar above $800. The profit was halted by the renewed bearish pressure which started in May. Price is now threatening to break below the lowest price in May - $505. If this happens, there could be a free flow of bearish moves down to $362. Similar moves are seen in BTC (which has seen a bug triangle pattern broken downside), LTC and XRP. Except for a strong bullish push, the bears would take control throughout this month. In the last update done on 18th May, we expected the current dip. The chart below was used in the last update.
The chart above shows a 5-wave up and a possible 3-wave down. The correction could very much likely be a double zigzag pattern within a channel range. A support level could be provided at $560. A new bullish move could start from there if price shows bullish signs. A strong break below $560 down to $480 could lead to a fresh low below $350.
Price moved just as expected. It's now about to break below $505 which could lead to further drops to $400. The chart below shows the new update.
The chart above is the 1Hr chart of ETHUSD. It shows the decline from the May top. It had earlier rested at $505 as we expected in the last update. Price rallied from $505 but lack bullish momentum to continue. It couldn't break above the channel. Price is expected to break below $505 to develop into a triple zigzag corrective pattern. The next bearish target is $400. We may see fresh rallies from $400 if there is a strong bullish momentum. A bridge below $400 will definitely send price to April low at $362.
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