? Ethereum (ETH) Wave-4 Indicates New Low Before Bull Reversal ?

2 min read

Hi traders,

Ethereum (ETH/USD) remains in a downtrend as price is unable to break above the key resistance zone (red). A bearish breakout and continuation are possible and could take price down to the -100% Fibonacci target at 146-150.

ETH/USD

Day


ETH/USD could be completing a larger bearish wave 2 (blue), which is why a bullish bounce at the Fib target could complete wave 2 and start a bullish wave 3 (blue).

4 hour


ETH/USD is probably completing a final wave 4-5 pattern. The sideways price action seems to confirm a typical wave 4 triangle chart pattern. A bearish breakout below the support (blue) trend line of the pattern could indicate a last push lower within wave 5 (orange) whereas a bullish break could be part of a larger wave 4 as long as price stays below the 50% Fib. A bullish reversal could take place as soon as price makes a lower low or breaks above the 50% Fib.

Good trading,
Chris Svorcik
Elite CurrenSea

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