Ethereum (ETH) cryptocurrency has stabilized after the recent drop, but the bears saved control of the market. Therefore, ETH/USD should drop in price to $ 3700 by December 2.
Ethereum started dumping on November 15th. The asset price dropped 17% and bottomed at $ 3,958 (Bitstamp data) in three days. As a result of the correction, ETH rate exceeded 23.6% Fib ($ 4,123), taking into account the pump from $ 1,700 to $ 4,868. The coin’s value consolidated above this barrier, however, the volume of trade began to fall, and a flat appeared in the market.
Obviously, the third wave of the bullish trend ended, which started at the end of July. Accordingly, the decline in the value of Ethereum occurs within the fourth correctional wave. The key support barrier is at $ 3,700 and is in line with the bullish trend line. Accordingly, within a week ETH will fall in price to $ 3,700.
You can see that the current dynamics of changes in the value of ETH is very similar to the September trend. If we draw an analogy between trends, then we can draw the following conclusions:
- Ethereum rate will rise to $ 4,600 within the next three sessions;
- in the last days of November, the coin will drop sharply in price to at least $ 3,700;
- in mid-December, the fifth wave of the uptrend will begin, and ETH will fly north.
In September, Ethereum rate fell by 34% from the peak. If this situation repeats, then the asset will fall in price to $ 3,200. But most often the fourth corrective wave is inferior to the second in strength, so the fall in the value of the cryptocurrency should not exceed 24%, that is, the price of ETH will drop to $ 3,700. At the same time, the target of the fifth wave of the bullish trend is located in the range of $ 6,000-6,500 and can be achieved by the end of 2021.
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