Over the weekend the price of Ethereum has experienced some sideways movement as the price was bouncing inside a horizontal range. On Saturday an attempt has been made for a breakout on the upside when the price of Ethereum came up to $119.67 on FXOpen and spiked even further up to $121.4, but that only activated the selling as the price entered sellers’ territory.
The price started going down again and at first, stopped at the 0.382 Fibonacci level, which was its most significant horizontal support and was well respected in this last Minor WXYXZ correction, and the price always bounced from it after the interaction.
Now this wasn’t the case as sellers’ pressure was stronger and this led to further downside for the price of Ethereum in an impulsive manner. The price has been in a downward trajectory since it hit the $104.73 level. It was pointed out as a potential target for the end of this expected decrease, but it’s unlikely that the move will finish as the wave structure implies that the 4th wave, which is corrective in nature, will most likely end up with the lower low.
Anyway, the reversal will start soon as the Z wave looks near completion. The Minor WXYXZ correction is the X wave from a higher degree count, so now the Y wave to the upside should start
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