Ethereum has come down in an impulsive manner since hitting a high of
2140
, price seems to be in the progression of a 5th wave to the downside with bearish momentum very high bulls are unable to take a hold of price and cause a reversal. There is a key orderblock that lines up with the ~0.5 and ~0.618 fib extension at
1745
and
1713
respectively, there is high probability in this zone price can reverse and retrace some losses over the last week. This area has been historically very significant and could signal a buying zone; however price action may be corrective and further short oppurtunities may arise after retracement in a potential first wave of 5 to occur.
Please like and follow for more Elliot Wave analysis!!
2140
, price seems to be in the progression of a 5th wave to the downside with bearish momentum very high bulls are unable to take a hold of price and cause a reversal. There is a key orderblock that lines up with the ~0.5 and ~0.618 fib extension at
1745
and
1713
respectively, there is high probability in this zone price can reverse and retrace some losses over the last week. This area has been historically very significant and could signal a buying zone; however price action may be corrective and further short oppurtunities may arise after retracement in a potential first wave of 5 to occur. Please like and follow for more Elliot Wave analysis!!