Hello Crypto traders, today we will be talking about Ethereum, its price action from a technical perspective and wave structure from an Elliott wave perspective.
Ethereum is still bearish, but we can see it completing a five-wave cycle in the 5th wave of a higher degree C wave, which means support/bottom may not be far away, ideally after that last one. step down.
As we expected, ETHUSD remains under strong downside pressure on the 4-hour chart and it looks like a five-wave bearish cycle within the 5th wave is still in play. So once current corrective triangle consolidation in wave (4) is fully unwinding which may slowly come to an end as the last sub-wave E may miss, be aware of a bearish continuation for the last wave 5 which may do lower the price to 1500-1300 zone before real bulls appear.
Triangle is an Elliott wave pattern observed during sideways market consolidations, it is composed of 5 corrective sequences. Triangle exhibits a balance of forces between buyers and sellers, causing a sideways movement usually associated with decreasing volume and volatility. This pattern breaks up into 3-3-3-3-3 structures labeled A, B, C, D, E. It is a continuation pattern that breaks in the direction of the previous move.
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