Ethereum Is Slowing Down: Elliott Wave Analysis

29 Ağu 2022

Crypto market is slowing down as stocks turned down into a risk-off and the USD rallied across the board. So even strong Ethereum is no exception. In fact, we see a drop from 2k psychological level in five waves, so the market is ideally forming an (A)-(B)-(C) corrective decline. However, nothing moves in a straight line so after the current five waves down in A be aware of a wave B rally. Resistance for a bounce is at 1700-1800.

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7 Eyl 2022

Not

ETH made that rally in B, now eyeing lower for C at 61.8% and 78.6% Fib.

7 Eyl 2022

Not

8 Eyl 2022

Not

ETH making B wave more complex? Possibly, but downward correction also appears incomplete, so looks like it's not the time to define the next impulsive direction, yet.