SHOULD YOU SHORT/SELL ETH NOW?🚨 (Ethereum Price Prediction 2026)

Added: 2026-05-06

[00:00:03]Good morning, everybody. Welcome back to Selenik Crypto. Hope you're all doing great and welcome to this new video right here, of course, on Ethereum.

[00:00:09]We're back again with your daily updates. There's a lot we need to talk about if you look at the chart right now. It looks absolutely horrific in terms of how messy it is. Trust me, I'll try to keep it simple for you.

[00:00:19]>> [snorts] >> Um because generally at the moment for Ethereum, the situation also is quite simple. Um so we'll talk about the situation. We'll talk about the different possibilities. I'll tell you what I think is most likely here short-term.

[00:00:29]Um >> [snorts] >> the higher time frames are getting slightly more interesting as well. As you can see on the daily time frame right here, let me delete all those ugly arrows.

[00:00:38]Um what you can see right now is that the price is testing the range that we broke out of in at the start of April, right?

[00:00:46]Um so that level is right here at 2235.

[00:00:50]I would argue we can drop down all the way into 2190 as well. That's the previous monthly area high.

[00:00:56]Right? [snorts] So that's basically the high value of what we deemed to be fair value in the previous month, right? So so um [snorts] we also broke above that. So so holding that level is is important to hold the breakout, right? If if we actually still want to get into this level right here. So that's why it gets a little bit more interesting, but I think the short-term really unlocks what we can expect from that.

[00:01:17]I would still say it's most likely we will be able to hold this uptrend as long as the fundamentals behave themselves.

[00:01:24]Um so I would still say this is most likely, but how we're going to do that is the key question, right? How we're going to do that instead are we going to do that and are we going to do that becomes a more interesting question once we actually are testing 2190 because like I said, 2190 really has to hold >> [snorts] >> for us to still have hope for a move into the upside. I think it's most likely we'll get a move into the upside.

[00:01:45]I'm not always right.

[00:01:47]Uh as most of you know, I hope. So um so the situation right now for Ethereum is quite easy. The most important level that we have that we really need to break above to to return to somewhat of a stable structure and from a stable structure, we can rally up higher. Key level that we need to break above is right here at 2300, right? So 2300, you can see right here that we had this range into the well, this range right here, not into the upside, but was quite stable.

[00:02:13]And then [snorts] the bottom of the range until we broke down below that um was right here at 2290.

[00:02:21]Then we have some strong resistance above that at 2300. That's why I'm telling you, okay, we really need to break 2300, then at least there's no risk of a fake reclaim, right? Which uh which sometimes is the case and I just deleted some indicators. I'm not certain why. Um but but so we need to break above that and the key question today is, okay, are the fundamentals good enough to break above that?

[00:02:41]That that that's the only thing that matters, right? Because if we are going to be able to break above 2300, great news. Then we have stability and from stability, it's not guaranteed that we'll rally up higher, but the possibility, the probability that we're going to rally up higher becomes much much bigger, right? So that's why it matters and if we are unable to do that, right? So if we get a move into the upside, which seems quite likely, and we just reject, um then it's more likely that we're going to test that level at 2190. And like I said, I still think then we'll find support and we can still rally, but there is a bit of a risk in that.

[00:03:15]So that's a big question. Ultimately at the moment, Ethereum is not doing super good. Um ETH/BTC, as expected, has pulled back. So there really isn't any any strength of Ethereum against the market right now.

[00:03:28]We're [snorts] getting some hefty ETH outflows, which is in line with what we're seeing from Bitcoin.

[00:03:34]Um where we see that we have a Coinbase Bitcoin discount.

[00:03:37]That's not great. So I would say at the moment, due to those fundamentals, fundamentals can change, but at the moment with with the with the status quo, I would say it's most likely we'll get a move into the upside first. Uh we have quite a major gap there, right? And we also have some negative funding rates right here. So it seems like Ethereum is getting over-shorted on the lower time frames. Get a move into the upside, but from that move into the upside, I do think it's most likely that we will move down lower into 2190 and possibly 2150. Like the general support level that we have is right here. You can also see it's green because that's a massive gap. Um and then from there I expect support and and some sort of stability and maybe a move into the upside again, but that's also for future me to discuss with you. For now, I think that's what you need to know. So thank you for watching, everybody. Hopefully it helps. Have a great rest of your Thursday. Take care and bye.