ETH/USD Technical Analysis: Ethereum resuming bearish momentum
|On Monday the price of Ethereum was at $117,8. This was the end of the previous down move when the price of ETH fell from $165,5. Since that low, the price has started gaining some momentum and came up to $132,48, which was an increase of 14.42%.
As it encountered resistance, the price started pulling back at first slightly and then it dropped fast from $132.16 to $120.15, which was a drop of 9.42%. Now that the price pulled back and managed to stay above the ending point of the first Minuette impulse wave we are likely going to another increase to the upside.
If this wave was not impulsive, the price could drop to the levels of the beginning of the move, which was on the horizontal support level at $116 or where the ending point of the Minor W wave as the prior low.
In either way, after this last minor pullback, another move to the upside and the interaction with the downtrends resistance line should be expected before the start of the final move the the downside in this Minor WXYXZ correction.
This Minor WXYXZ correction is only the second wave X from a higher degree count, which means that after it ends I would be expecting another impulsive move to the upside as we have seen previously when the price of Ethreum went from $83 to $163 in one go.
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