Ethereum: ⬇️ Sell
– Ethereum broke support zone
– Likely to fall to support level 1700.00
Ethereum cryptocurrency recently broke the support zone between the round support level 2000.00 (which stopped wave 1 at the end of July) and the support trendline of the daily down channel from the start of October.
The breakout of this support zone accelerated the active impulse wave i of the C-wave of the ABC correction (2) from the end of September.
Given the strongly bearish crypto sentiment seen today, Ethereum can be expected to fall further toward the support level 1820.00 (which stopped waves 2 and ii in August) and then to 1700.00 (target price for the completion of the active correction (2)). The US spot ether ETFs recorded about $532m of net outflows in the six sessions since 5 November, while ether futures saw about $259m of liquidations in the last 24 hours.
If 1820.00 holds, Ethereum can correct up toward 2000.00 (now resistance). Only a daily close back above 2000.00 would cancel this bearish scenario.
Ethereum remains vulnerable below 2000.00. Further ETF outflows and rising Fed hike bets ahead of the 9 December decision would favour the fall toward 1700.00, while a return of ETF inflows could fuel a rebound toward 2000.00.
Get daily and weekly ActionForex analysis and key releases on our Telegram channel.
