Ethereum Price Analysis: April 26 - May 2
Don’t miss the weekly price analysis for Ethereum and Ethereum Classic.
Ethereum price has exited its medium-term flat and continued the long-term growth. Is this the result of the news on possible SEC’s approval of the ETF?
As expected, after the price fortified and made an upward reversal at $50 to $52, Ethereum has formed long-term growth going up by more than 60 percent.
Some think this growth has to do with the second review of the Winklevoss Bitcoin ETF by the US Securities and Exchange Commission (SEC). However, these are only guesses, because the actual results have not yet been revealed. Do the majority of the traders really have such a concerted impact on the price, and where does this confidence come from? And who will ultimately profit the most from it?
However, if big investors are the reason for Ethereum’s price growth, it would be more logical to assume that they have learned about SEC’s decision beforehand. Otherwise, the risk wouldn’t be justifiable.
At a key level at $74 has formed for the uptrend from $50. This mark is the point of highest demand for further growth. Consequently, it is also the most likely peak of a correction. Thus, if the upward trend still has sufficient support, there should not be a reversal at $74.
If the growth from $50 was pure speculation by big players, sell orders are inevitable. Such deals will break the structure of the uptrend and it will happen near $74. For this scenario to be confirmed, we need to see a downward reversal at that level.
Ethereum Classic price is reaching new heights. The leading factor behind this new growth is probably Ethereum Classic Investment Trust launch On April 26. After Ethereum Classic price fortified near $4, it formed an upward reversal.
If the upward trend keeps its momentum, there will be a new surge. The most likely peak of a correction is at the crossing area of several instruments at $6.3. Lack of a downward reversal at that mark may cause a new upward wave. That will be indicative of the advantage held by the bulls.
If the bears win the advantage, it will most likely be represented on the graph in the form of a downward reversal at $6.3. The minimal target of a fall will be near the next key level at $5.2.
Most likely scenarios
Correction and growth
The most likely peak of a rebound towards the uptrend is $74. If the price reaches that mark and there is no downward reversal, the odds are the growth continues.
Accordingly, if a downward reversal does happen at $74, there will be no further growth, and the price is likely to fall down to the next resistance line.
Correction and growth
The $6.3 mark is the most likely peak for Ethereum Classic correction. The conditions for continued growth are the same as with Ethereum.
The upward structure will most likely be broken by a downward reversal at $6.3. In that case, chances are there’s a fall.