Technical Analysis

Ethereum Slowed Down Within An A-B-C CorrectionMay 12, 2023

Ethereum slowed down within an A-B-C correction after we spotted an impulsive drop from the highs by Elliott wave theory.

Ethereum with ticker ETHUSD has been trading bullish for the last couple of months, but after we we spotted sharp and impulsive decline from 2140 highs, we are tracking an A-B-C correction as shared back on April 26.

Ethereum Slowed Down Within An A-B-C Correction ETHUSD 4H Chart From April 26
ETHUSD 4H Chart From April 26

As you can see, after we noticed a completed wave A, we have seen a nice three-wave corrective recovery in wave B, right into golden 61,8% Fibonnacci retracement, from where we expected another drop for a wave C shared on May 08.

Ethereum Slowed Down Within An A-B-C Correction ETHUSD 4H Chart From May 08
ETHUSD 4H Chart From May 08

And, today on May 12 we can see it coming nicely lower for wave C into important 1700 – 1650 support area, from where we should be aware of a bullish continuation.

Ethereum Slowed Down Within An A-B-C Correction ETHUSD 4H Chart From May 12
ETHUSD 4H Chart From May 12

All that being said, seems like A-B-C corrective decline can be now nearing the end, so watch out for bounce and bullish continuation, just keep in mind that we will need strong rebound back above 1900 level to confirm bulls back in play.

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