Ethereum looks corrective within uptrend
|Ethereum looks corrective within uptrend as we see it forming a bullish setup formation from Elliott wave perspective.
Ethereum (ETHUSD) came down in August/September after a five-wave cycle from the lows into first leg A/1 in June/July. Well, seems like bottom is in place and bulls back, so we are now tracking an (A)-(B)-(C) corrective decline within a higher degree wave B/2 before the uptrend resumes. But, we see key do/die support here around 78,6% Fibonacci retracement and 1200-1100 area, so only if we see sharp or impulsive rebound back above channel resistance line and 1800 region, only then we can expect a bullish continuation within wave C/3. Invalidation level remains at 880.
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