🐻 Have the bulls left the building?
Updated
"Elvis has left the building!" The famous phrase was used by announcers to tell the audiences of the king, that there were no more encores. It has since become a well known catchphrase and punchline.
The question that we have to ask ourselves regarding Ethereum: "have the bulls left the chart?" We think that reching the $450 area could mark a superior high. This could lead to a bigger correction as indicated by the arrows. Target area of this wave 2 in turquoise lies between $270 and $230. On the way there might be waiting a long trade for us. We have marked the turnaround zone in yellow. For further confirmation of a major high, we need to break the support at $396.
The question that we have to ask ourselves regarding Ethereum: "have the bulls left the chart?" We think that reching the $450 area could mark a superior high. This could lead to a bigger correction as indicated by the arrows. Target area of this wave 2 in turquoise lies between $270 and $230. On the way there might be waiting a long trade for us. We have marked the turnaround zone in yellow. For further confirmation of a major high, we need to break the support at $396.
Note
The bulls put the bearish ambitions to an end and the support area at $362 could not be broken. The result is easy to spot: A very impulsive bullish breakout to new highs. This was not the superior hight. A continuation of the upward movement is now the most likey scenario. Target $550
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