|

Where the Ethereum price will close on Sunday night will be vital to avoid a 25% price correction in ETH

  • Ethereum price is eking out small gains near closing out this week. 
  • ETH needs to keep its price action above $1,930.
  • If by Sunday night, ETH closes below $1,930, expect to see a selloff in May that could bring Ethereum price to $1,400.

Ethereum (ETH) price is at a crucial level as it could mean either more upside or downside to come for May. This is a very binary view or outlook; thus, it makes sense to look for where the Ethereum price is currently trading. A weekly close below $1,930 means that bulls have lost the power to push ETH towards $2,000 and instead could see bulls vacating the premises with Ethereum price tanking to $1,400.

Ethereum price on a very binary moment that could predict May’s end result

Ethereum price has traders scratching their heads on what to do next as price action is at a crossroads to go substantially higher or lower. The close by Sunday night will never have been so important to determine what May may bring for Ethereum. Should ETH close below $1,930, expect mayhem for May as bulls will start to escape.

ETH could tank near 25% for the month as bulls have lost their control over the price action as they were unable to reclaim ground above $1,930. More profit-taking would get underway, and first, see ETH try and find support near $1,690. Once that fails, a broad slide toward $1,404 looks inevitable.

ETH/USD  weekly chart  

ETH/USD  weekly chart    

Not all is lost when bulls can push price action up and book that weekly close above $1,928. From there, Ethereum price could start building a rally that would become quite substantial after breaking first the double top near $2,120. From there, ETH could jump 10% and head to $2,280, making it a 20% jump.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Editor's Picks

Bitcoin Weekly Forecast: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.
Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations
Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.
Bitcoin, Ether and XRP selloff wipes out $1.5 billion in leveraged crypto bets
Crypto traders betting on higher prices had about $1.29 billion in positions forcibly closed over the past 24 hours, as the selloff following Binance’s security breach pushed bitcoin, ether and smaller tokens lower. Total liquidations reached $1.53 billion by Friday morning in Asia, according to CoinGlass. Long positions, bets that prices would rise, accounted for 83.8% of the total.
Crypto Today: Bitcoin, Ethereum, XRP sell-off cools after Binance security breach
Cryptocurrency prices are on edge on Friday, with Bitcoin (BTC) delicately holding onto a short-term $78,000 support, Ethereum (ETH) edging lower near $2,200 and Ripple (XRP) attempting a recovery above support established at $1.20. The cooldown follows Binance, the largest crypto exchange, after it reported a hack that impacted about $6.3 billion.
Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.