Ethereum is breaking lower again after failing to hold above the rising support line, which suggests that the wave 4 recovery may already be completed. The recent rebound was overlapping and corrective in nature, so the latest selloff could be the beginning of a new bearish wave 5 decline toward the 1300 support area.
From an Elliott Wave perspective, price is also rejecting below the important 2633 resistance zone, while momentum remains weak after the sharp impulsive drop from the highs. As long as Ethereum stays below the recent recovery highs, bears remain in control and more downside pressure may follow in the coming weeks.
We launched 20 EURO promotion – if you wish to receive analysis like this DAILY – check this out https://wavetraders.com/elliott-wave-plans/
Become a premium member
Get daily Elliott Wave updates for US Single Stocks, SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.