18 Jun 2018
Ethereum has not been able to sustain the rally seen last Thursday when price hit $530. The following 18-19 June Ethereum price prediction looks at what could happen next as Ethereum looks below $500.
We have a $400 long term bearish forecast for Ethereum. Since the large correction started, price has been exhibiting the structural nature of a triple zigzag pattern. Litecoin and Bitcoin are exhibiting double zigzag from their respective all-time-highs. Ripple also looks corrective. The bearish moves in the Cryptos might be in their last stages. A large bullish move should start once price completes the corrective stage. Until a clear corrective pattern is completed, we don't have enough technical reasons to believe the dips have completed. The chart below was used in the last update to show the corrective pattern we are looking at on ETHUSD.
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.
The chart above shows how the correction could end. Wave (z) is expected to be a zigzag pattern. Wave a of (z) completed at $450 below wave (y) low at $550 we discussed in the last update. If price moves as expected, we would see it down to $400 or below in the coming days with another 5-wave dip - wave c of (z). This forecast will be invalid if price breaks above the channel line (above $550). 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.