Ethereum Price Analysis: Elliott Wave still projects price to move lower
|- ETH/USD trades nearly 2% lower as crypto sentiment takes another dive.
- The Elliott Wave pattern might not have ended just yet.
ETH/USD 4-Hour Chart
I know there are lots of Fibs on this chart but they are colour coded for ease.
Blue is the long term daily Fib retracement - Red is the 4-Hour Fib retracement - Black is the 4-Hour Fib extension.
It seems that the 5 wave pattern higher is now over.
The first Fib to keep an eye on is the Red one. The price stopped at 76.4% which is the waves 1-2. Essentially this is the lower high.
Now the bottom of that wave is broken and the price moved to the Black Fib extension level at 161.8%.
The important thing is that this matched up with the Blue 38.2% from the daily chart.
Now this has all happened where are we now?.
The wave 1-2 low cannot be exceeded to the upside if this is a new Elliott Wave pattern.
If it does then this is just an ABC consolidation phase. So all eye are now on 236.60.
If that resistance holds then we could be in for a drop to lower levels. Keep an eyes on this one then.
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Additional Levels
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