Over the weekend, the price of Ethereum dipped below the psychological mark of $1,000 as bears continued to dominate price activity on Saturday. On Sunday, however, the situation changed and the entire crypto ecosystem showed a recovery thanks to bitcoin getting back above $20,000.
The price of ETH was even able to rise above $1,100, where it continues to trade at the moment. However, not all analysts are confident that the bearish trend will end on this rebound.
The main target has been reached, the rebound happened, but the bottom is not there yet. I look at $700-800 as a new support zone, which will complete the 5th of the 5th wave.
Ethereum (ETH) lost too much intrinsic value last week to recover to $1,404, from where it could go back to $1,600. It is possible that investors will see another downward 50 percent wave, during which ETH could fall to $570.
What could be the signal for such a noticeable drop in etherium? The trigger would be a breakdown of $1,000, which would probably be followed by a prolonged sideways movement instead of a reversal. It will continue until more funds start pouring into cryptocurrencies.
The negative outlook for ETH will be cancelled along with an increase in demand, pushing the price to $1,404 and then to $1,688. This will set a new high for June.