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