ETH/USD technical analysis: A downward move or a correction?
|Over the weekend the price of Ethereum has fallen by 5.97% - from Friday’s open at $88.51 to Sunday’s low at $83.11.
Since the low, ETH/USD has started recovering and has come up to $99.27 on FXOpen which is an increase of 19.35% in the last three days.
On the hourly chart, the altcoin price retested the prior low level at $83.11 on Sunday for support, and since the price hit the area, the buying was activated and the price increased almost exponentially.
But since the ETH price increased fast with strong momentum and came up to the levels of the W wave ending point now, a correction occurred pushing the price lower again.
This whole move was a WXY correction as this Y wave recovery was predictable, so now it's expected that the price of Ethereum keeps falling down as a trend continuation should start.
If the price continues its downward trajectory the next horizontal level in line for a potential lower low scenario target would be at around $78.39. But we are yet to see if the price continues its downward trajectory or would this correction continue with two more waves.
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