Ethereum - The downtrend is over! Time to buy again.
- Ethereum is approaching a key support, and it's a good time to buy/long!
- If we take the Fibonacci retracement for wave 3, the price is very close to the 0.618 level. Also, the previous wave 1 acts as a strong support, so we have a great confluence from the Elliott Wave and Fibonacci perspectives.
- We should go up and make a new high to complete the impulse wave on this chart. I expect another small bull market on Bitcoin.
- On the 4-hour and daily charts, we can clearly see an ascending parallel channel that has been destroyed by the bears recently. This channel should be at least retested, but I expect more.
- What happens after we finish this impulse wave? You don't want to hear it, but Bitcoin is going to crash to 15k, so make sure you are prepared for it!
- The true bull market will start in 2024.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- Thank you, and for more ideas, hit "Like" and "Follow"!
