Ethereum (ETH) is strongest altcoin, but DUMP is not over
Hello, everyone!
Yesterday we considered MATIC and today as I promised you it's time for ETH analysis. As you know I expect more dump on BTC after FOMC meeting and Ethereum should follow Bitcoin in my opinion.
Let's take a look at the 4h time frame price chart. Here I pointed out the current marking for the Elliott waves. Looking at the Awesome Oscillator I can conclude that wave 3 is still in progress. We have two possible targets for the wave 3: Fibonacci extension 1 and 1.61 levels. The minimal target at $1760 has been already broken with the impulsive red candle. That's why I suppose that wave 3 should be ended at least normal target approximately at $1670.
After reaching the wave 3 target I expect for
ETHUSDT forming of the wave 4, which should be represented as the triangle correction because wave 2 showed the deep retracement in the shape of zigzag. It means wave 4 is not gonna bounce that much. The main requirement for the wave 4 finish is gonna be the zero line crossover on the Awesome Oscillator. This is the best indication that bears are losing power and market is ready for reversal.
Wave 5 usually should create the divergence with wave 3 in conjunction with the other trend killing bullets: fractal at the bottom, target area, squat bar and momentum change.
Best regards, Ivan
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🔥Follow me, smash the rocket 🚀 button and write in comments if you want the global Ethereum analysis, where the bottom is gonna be🔥
Yesterday we considered MATIC and today as I promised you it's time for ETH analysis. As you know I expect more dump on BTC after FOMC meeting and Ethereum should follow Bitcoin in my opinion.
Let's take a look at the 4h time frame price chart. Here I pointed out the current marking for the Elliott waves. Looking at the Awesome Oscillator I can conclude that wave 3 is still in progress. We have two possible targets for the wave 3: Fibonacci extension 1 and 1.61 levels. The minimal target at $1760 has been already broken with the impulsive red candle. That's why I suppose that wave 3 should be ended at least normal target approximately at $1670.
After reaching the wave 3 target I expect for
ETHUSDT forming of the wave 4, which should be represented as the triangle correction because wave 2 showed the deep retracement in the shape of zigzag. It means wave 4 is not gonna bounce that much. The main requirement for the wave 4 finish is gonna be the zero line crossover on the Awesome Oscillator. This is the best indication that bears are losing power and market is ready for reversal.Wave 5 usually should create the divergence with wave 3 in conjunction with the other trend killing bullets: fractal at the bottom, target area, squat bar and momentum change.
Best regards, Ivan
_________________________________________________________________________________________________________________________
🔥Follow me, smash the rocket 🚀 button and write in comments if you want the global Ethereum analysis, where the bottom is gonna be🔥
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