Ethereum is slowing down and from Elliott wave perspective we can expect a three-wave A-B-C corrective decline before the uptrend resumes.
Crypto market is slowing down as stocks turned down into a risk-off and the USD rallied across the board. So even strong Ethereum is no exception. In fact, we see a drop from 2k psychological level in five waves, so Ethereum is slowing down and it’s ideally forming an (A)-(B)-(C) corrective decline. However, nothing moves in a straight line so after the current five waves down in A be aware of a wave B rally. Resistance for a bounce is at 1700-1800.
Five-wave impulse is an Elliott Wave basic pattern. After every five waves, we can expect a three-wave (A)-(B)-(C) retracement back to the former wave (4).
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