Crypto Elliott Wave update III: ETH/USD is moving bearish as expected

Gregor Horvat Wavetraders

In this article we will give you a third update on Ethereum, when we highlighted a bearish setup (click here). Since then, market came even lower, so it appears that bears are for real. However, there is still a chance that wave (A)(1)/(B)/(2) can be a flat meaning that traders should not be surprised by a rally into 3170 resistance once again, before the next sell-off. But in either case we think that ETHUSD remains in downtrend, and that sooner or later market can drop to 2500.

The main reason why ETHUSD may face even more weakness in upcoming days/weeks is also BTC.Dominance chart, which has just unfolded a bearish setup formation and it's trying to continue lower after recent (A)-(B)-(C) corrective rally.
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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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