ETHEREUM Remains Bearish - Elliott wave Analysis

Gregor Horvat Wavetraders

Hi traders,

Ethereum is coming sharply to the downside, making an impulsive decline from July highs which is not over yet. An impulse is a five wave structure, where third wave is normally the sharpest and longest and this is exactly what we can see down from 485 level. It's an extended decline in five legs that is moving into some interesting Fib. support extensions here around 220/260, where can be a new potential base for current blue wave three. Bounce into wave four may show up soon, and can stop at 318-345 resistance

.We understand that there are a lot of traders and investors waiting on bottom to form, but for now that's not the case yet so we have to respect what market is doing. But we of-course would aggressively shift back to bullish mode once we see an impulse up from the low! This is key for any change in trend, in any market!

ETHUSD, 4h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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