Just a week ago we saw the ether price action trade at its higher high. In today’s analyses we see how far price has dropped. In the charts you may notice how the ETHUSD plummets from level 4344.499 up until level 2121.0470. That is approximately a 50% drop within just a month. Price has been erratic and very volatile this month for the cryptos. In the chart level 2538.3030 acts as a support level as well.

ETHUSD H4 chart 20 May 2021

This level was once upon a time our higher high before price soared bullish. Today price currently hovers a lot around this level . The question we ask now is whether price will continue its short term bearish movement or will we see it resume its bullish price action ? Because the ETHUSD plummets and currently trades lower. We believe price is at a cheaper level we could trade it to its higher high. The real question is when ? Waiting for the right entry is important.

We believe that although price is cheaper than before now. The markets bullish and bearish volatility would not be favorable for retailers now. Waiting and being patient for a slow rise is currently there best decision to currently make. a daily close above level 2538.3030 could signal that the market was just retracing and that the bullish movement will be resuming .

ETHUSD DAILY chart 20 May 2021
ETHUSD DAILY chart 20 May 2021

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read risk warning before deciding to trade the markets.

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