Technical Analysis

Ethereum Is Looking For The Final Leg DownJun 2, 2022

Hello Crypto traders, today we will talk about Ethereum, its price action from technical point of view and wave structure from Elliott wave perspective.

Ethereum is still bearish, but we can see it finishing an Elliott wave five-wave cycle within 5th wave of a higher degree wave C. It means that support/bottom may not be far away, ideally after that final leg down.

ETHUSD chart
ETHUSD chart

As we actually expected, ETHUSD remains under strong bearish pressure in the 4-hour chart and seems like a five-wave bearish cycle within 5th wave is still in play. So, once current Elliott wave corrective triangle consolidation in wave (4) fully unfolds, be aware of a bearish continuation for the final wave 5. It can be actually slowly coming to an end, as final subwave E is missing. So, it can later easily send the price even down to 1500-1300 area before real bulls show up.

Bearish Triangle

Triangle is an Elliott wave pattern seen during sideways market consolidations. It is composed of 5 corrective sequences. Triangle presents a balance of forces between buyers and sellers. It causing a sideways movement that is usually associated with decreasing volume and volatility. This pattern subdivide into 3-3-3-3-3 structures labeled as A,B,C,D,E. It is a continuation pattern which breaks in direction of the preceding move.

Happy trading!

Want to see our view in the markets globally? Check our latest video update HERE


Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.