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.
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.
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.
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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