Hello, everyone!
As usual we can notice that the Ethereum is stronger than Bitcoin during the pumps on this bear market. You already know my global target for ETH, it’s $500. Now ETH makes the traders greedy and stimulates to buy the asset with rapidly increasing price. Of course it’s a mistake and Ethereum will dump more than the Bitcoin.
Let’s take a look at the 4h timeframe of the ETHUSDT chart of the WhiteBit exchange. The price is forming the Elliott waves structure, but a little bit different as on the Bitcoin. For ETH the price have also reached the 0.61 Fibonacci level in wave 2, but wave 3 is extended and reached the 2.61 Fibonacci extension. It means that now it’s correction time in wave 4 to the 0.38 Fibonacci (~$1500). The wave is gonna be shortened because of extended wave 3. I think that the maximum for Ethereum in this rally will be no higher than $1700. When we will see the proper setup we can short it because the potential dump is huge.
Best regards, Ivan