CountOnCrypto - Ethereum Forecast 02/05/2021

Good evening ladies and gentlemen, I have spotted a potential head and shoulders forming on Ethereum. My short-mid term bearish bias is similar to my last idea. I have since taken some more profit from ETH:USD to stablecoin(s) ( USDC ).

We have seen some explosive price action in the past weeks from Ethereum, I am with strong belief that the market is very overbought on the higher timeframes now. We have broken out of the regression trend and to me it seems we are consolidating. In my heart I am extremely bullish on bitcoin, ethereum and cryptocurrencies in general.

For further outlook on the market in general, the current ethereum inflows are currently dropping. In theory; this in combination with whale capitalization will cause a sell-off.

The downside price target would be a projection based on the distance between the shoulder support line and the top of the head. As always, do your own research and follow your own instincts.