Technical Analysis

Ethereum Drops Into A Higher Degree CorrectionJan 23, 2024

Ethereum Drops Into A Higher Degree Correction after we spotted 5th wave from technical point of view and from Elliott wave perspective.

Cryptos are coming sharply lower, after the classical psychological pattern here. There were plenty of traders buying cryptos after ETF launch; and then there is another group that did not book on that big run ahead of the ETF announcement. All of those are now liquidating, making a decline strong and sharp.

Looking at the 4-hour chart of Ethereum with ticker ETHUSD, price is looking impulsive so there can be more weakness after rallies. We can see it coming down quite big, so we assume that 5th wave is completed and new three-wave A-B-C slow down underway.

Ethereum Drops For A Higher Degree Correction ETHUSD 4H Chart
ETHUSD 4H Chart

The main reason for a higher degree corrective slow down can be also Ethereum Grayscale Investment Trust (ETHE), which we see it slowing down within a higher degree a-b-c correction for wave 4 that can retest 15 support area before the uptrend for wave 5 resumes that can later stabilize the price if Ethereum.

Ethereum Drops For A Higher Degree Correction ETHE Daily Chart
ETHE Daily Chart

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