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Ethereum Bearish Outlook: $1,516 – $1,534 Potential Price Target

⚠️ HUGE ETHEREUM ETH LIQUIDATIONS! ⚠️ IS $500 The TARGET?
⚠️ HUGE ETHEREUM ETH LIQUIDATIONS! ⚠️ IS $500 The TARGET?

Summary

The Ethereum Foundation and Ethereum co-founder Vitalik Buterin have both recently sold ETH, while whale wallets are also selling off their holdings. This indicates concerns about the future of Ethereum, which has experienced an 11.8% pullback from October 1st to 11th.

Smart money concepts suggest a bearish trend for Ethereum, with a potential further drop to $1,516 – $1,534. A relief rally may follow after reaching the wave three target.

Ethereum’s daily chart shows a 28.5% drop from its recent high and a potential wave one formation. Filling out fair value gaps on the chart suggests the potential for more downward movement. A wave four relief rally could be expected, ranging from 30% to 50% of the wave three size.

Smart money indicators suggest a strong high and a weak low on the daily chart, indicating a bearish trend for Ethereum. Expectations are for a continued downward movement, testing the week’s low and breaking past it. Ethereum is currently trading below the daily 50 EMA, daily 200 EMA, and the 1-day equilibrium, all pointing to further downside potential. Multiple fair value gaps are visible on the charts, suggesting potential price targets and a bearish outlook.

In the long term, a five-wave move to the downside is expected, with a target range of $714 to $59, and a minimum expectation of a double bottom at $881.56. The chart analysis indicates that the weak high may be broken, but the outlook remains bearish, especially with rejection near the 50 EMA and trading below the 50 SMA. Weekly 200 EMA is being tested and dropped below, reinforcing the bearish sentiment for Ethereum.

Questions are raised about Ethereum’s future in the bear market, with potential targets of $714 to $59 or even lower.

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