It appears a rather tall triangle pattern has formed, boding further short-term bearish sentiment for Ethereum. The downward breakout of this pattern could take us all the way down near the $265 level. Breakout appears to be commencing.
However, we are also in the C leg of a corrective ABC Elliot Wave. Likely targets for the C wave include 1.0 x Wave A ($297) and 1.236 x Wave A ($280). Together these suggest the target for the C leg of $265-$297.
Summary: Target region of $265-$297.
However, we are also in the C leg of a corrective ABC Elliot Wave. Likely targets for the C wave include 1.0 x Wave A ($297) and 1.236 x Wave A ($280). Together these suggest the target for the C leg of $265-$297.
Summary: Target region of $265-$297.
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.