Ethereum May Face A Corrective Pullback

Hello traders!

Today we will talk about ETHEREUM(ETHUSD) and its price action from Elliott Wave perspective.

For the beginning we want to show you ETHUSD Longs/Shorts ratio chart, which is moving at the highs, so ETHUSD is less and less supportive. Ideally we will see it back in the supportive zone, once a deeper corrective decline occurs.

From the Elliott Wave perspective, ETHUSD can be finishing a five-wave cycle into a wave A/1, so we can expect more gains within wave C/3 back to 300 area or higher in the future, but after every five waves, a three-wave a-b-c setback follows, which means that a correction in wave B/2 can be around the corner.Of course, the price is currently still at the highs around 250 level, so there’s no evidences for the top yet, but any strong, sharp and impulsive drop down to 200 level would be definitely a signal for a deeper, higher degree correction. And, once BTCUSD Longs/Shorts ratio comes down in the supportive zone, this is when we can expect a a bounce and bullish continuation within wave C/3.Respect the price action and trade smart!

Ethereum

Of course, the price is currently still at the highs around 250 level, so there’s no evidences for the top yet, but any strong, sharp and impulsive drop down to 200 level would be definitely a signal for a deeper, higher degree correction. And, once BTCUSD Longs/Shorts ratio comes down in the supportive zone, this is when we can expect a a bounce and bullish continuation within wave C/3.

Respect the price action and trade smart!

 


 

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