Elliott Wave analysis: Ethereum finds top

Gregor Horvat Wavetraders

Crypto total market cap sharply declined from projected targets after we noticed 5th waves, so now we will have to be aware of a bigger decline at least in three waves, but to confirm the top for the 5th wave, we need to see broken channels. However, in the meantime there can be still some strongest ALTcoins with bullish structures that can retest the intraday highs before real bears show up.

Crypto total market cap 4h Elliott Wave analysis

Ethereum sharply declined from projected target area for wave (5), so seems like ending diagonal (wedge) pattern is slowly approaching the end. But, to confirm the top for wave (5), we have to see it back below channel support line and 4300 region, only then we can expect a reversal down at least in three waves.

Ethereum 4h Elliott Wave analysis

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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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