Ethereum - Bears will shutdown ETH! Short here.
- The price of ETH is moving into brutal resistance, and the bears are waiting patiently to shutdown ETH to lower levels!
- It's going to be very extreme because the resistance is huge! I will tell you why in this analysis.
- It's the previous structure's POC + 0.618 FIB + the previous trendline's breakout level + the start of the GAP.
- As per my Elliott Wave analysis, this whole structure looks very complex and corrective. I would love to see some capitulation and a strong rebound, but it's not happening.
- What's more, the downtrend from December 14 to December 19 looks totally strong and impulsive. It's the main direction of the trend, which is bearish.
- 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.
- So my plan is to short ETH once it reaches my specific resistance. I am telling you, it will be a massive rejection!
- If the ETH/BTC pair falls below the main support level, ETH can effectively free fall relative to Bitcoin. But this is a different chart and a different analysis.
- I don't even know if ETH can reach the strong resistance; we will find out very soon!
- Thank you.
Comment:
We are in the (2) impulse wave, and we should see a zigzag here as an ABC correction. I recommend setting your sell order and waiting.
