ETHEREUM LOOKS BEARISH HERE ELLIOT WAVE THEORY CYCLE

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Hello Traders,

Ethereum looks bearish here and is following a very similar retrace cycle to last time.

Watch this space as I update this idea.

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ملاحظة

Look how both bounces hit the 0.5 fib, where the red arrow is pointing.

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Also weekly 100MA is above price in a similar place and the weekly 200MA and 50MA also look similar in position.

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On the lower frames it looks like a H+S and there is a 6 and 1/2 year support line that looks like its going to get tested.

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Targets if this breaks down.

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I also think this will happen to the ETH/BTC pair.

١٧ أغسطس ٢٠٢٣

ملاحظة

That H+S formation I posted on July 31st finally broke down today.

٢٥ أكتوبر ٢٠٢٣

ملاحظة

The ETH/BTC pair price has moved into the area where I think it will make a HL. Lets see.