ETHEREUM Showing Bearish Setup
Updated
ETHUSD just like BTCUSD has clear corrective intraday structure within downtrend! So, we are tracking deeper a-b-c correction in which we can clearly count five waves down into black wave "a" and then slow sideways corrective move within black wave "b", which seems to be completed exactly at 61,8% Fibonacci retracement, which is actually ideal retracement for wave "b" in EW theory. Currently ETHUSD falling nicely from that resistance, so we assume that price heading much lower into black wave "c" within five waves down towards 500 level, where black wave "c" can be equal to black wave "a".Note
As we expected and highlighted, Ethereum falling perfectly from 61,8% Fibonacci resistance level after clear three-wave corrective pattern into wave b. It's actually perfect bearish setup in EW theory, so we expect even even more weakness into wave C towards 500 level. Note
Ethereum is moving very slow, probably first and second wave in forming, which may test 1100, so sooner or later we expect ETH lower as long as it's under 1170 resistance level.Note
Ethereum failed to break higher and dropped from our projected resistance zone perfectly. If we are correct, then we should see more weakness on ETH!Note
We want to share with you a similar count, it's just more complex sideways correction within triangle into wave B, but the view stays the same, still bearish, as long as it's trading below 1100 invalidation level! For trading opportunities we strongly suggest to wait on a break below 900 level, which would confirm bears and open door for 500 level!Note
Ethereum is nearing the end of the triangle just like Bitcoin, just in time! So, patience! Confirmation is still below 900 level!Note
Hey traders! Ethereum triangle in wave B invalidated and that's why are confirmations important. It's something interesting happening right now... Ethereum is very strong against other cryptos, Eth/Btc is in 5th wave now, so we still think that ethereum is in corrective move in wave B, while Btc still can be a triangle.. so we would not fall in love with bulls yet! Next resistance for Ethereum is around 1300!Note
Cryptos at lows as we expected and there's even more room! Ethereum falling nicely from exactly 61,8% Fibo. retracement after five waves down into wave A and three waves up into wave B. So, we are expecting even more weakness for at least wave C down towards 930 level, but if it's wave 3, then it may go much lower towards our long-term projections.Note
ETH sharply dropped into wave 3, which means that we expect even more weakness, it just could temporary slow down around 800 level for wave 4 correction, where ideal resistance would be already mentioned strong level of 930, from where we expect a new decline into wave 5 towards 500-600 levels!Note
Sharp bounce, but it's not bullish yet! It's still trading below base channel, wave 4 and 5 still missing, so we would not be surprised, if we see another decline for wave 5! Many traders will try to catch a bottom, so strongly suggest to wait for confirmations! Ethereum will be bullish confirmed only above 1145 level!Note
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Note
We warned you about wave 4 and seems like we are correct according to this chart! Note
Hello Crypto traders! And we were correct again. Ethereum and other cryptocurrencies trading at lows as expected, but seems like they are in the final stages of 5th wave, so be aware of a bounce soon! There's actually still more room towards ideal 550 level, but you should be also aware of spikes, which are very common in a trend reversals!Note
Hello traders, Ethereum hit exactly our projected levels and bounced as we expected! Just keep in mind that Bulls will be confirmed only if we see five waves up and break above 860 level! Note
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