As a result of the last pump, the Ethereum (ETH) rate did not stay above $ 600 and corrected to $ 560. Therefore, the coin should drop in price to $ 550 by December 10.
A powerful bullish trend emerged on the Ethereum market on November 28. In three days, the price of the asset increased by 26% – from $ 506 to $ 637 (Bitstamp data). Nevertheless, the cryptocurrency began to be dumped on Tuesday, and its value fell sharply to $ 560. Traders bought back ETH/USD quickly. Therefore, ETH price increased to $ 619. But buyers were unable to gain a foothold at this mark, and the coin rate flew down again.
ETH price changes within a contracting triangle, the lines of which will cross on December 3. With a high degree of probability, the figure will be broken down. If during the bearish trend the barrier of $ 570 is overcome, then Ethereum will fall in price to at least $ 550. At the same time, the upward movement will meet strong resistance at $ 600 and $ 608 (50% and 61.8% Fib).
ETH price has been growing since March 2020. Judging by the chart, the market is in the fifth wave of a bullish trend, after which a downtrend will occur. In addition, the Bitcoin market is showing a similar trend.
The chart clearly shows the first wedge after the pump up to $ 624, the second is still forming. Most likely, in the near future the price of the coin will fall to about $ 520, then the rate may rise to $ 580-620. After that, a full-fledged dump starts with a target of at least $ 480. These conclusions can be reached by drawing an analogy with the trend recorded in February 2020.
Analysts suggest that the Ethereum 2.0 blockchain upgrade will trigger a new wave of bullish trend up to $ 800. However, the current upward trend has already moved beyond standard time frames. The dump was supposed to start at the end of November. Considering the dynamics of the Ethereum rate change in 2017, a bearish trend will appear in late December or early January. The network upgrade could only break patterns if ETH can attract additional investment.
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