ETH - last wave up, then a 16% crash!

Technical analysis

Ethereum is bullish, but do not be too much excited about it. Buying at the current price is simply not worth is as per my technical analysis. We can see that the price of ETH created 2 unfilled Fair value GAPS below the current price. Usually these gaps tend to be filled sooner or later. Wait for the uptrend to end and then take a fibonacci retracement tool and look for the 0.618 level. From the Elliott Wave perspective it looks like a wave 5 can be in progress, but we do not want to long waves (5) as often there is only a liquidity sweep above the previous wave (3) and then a massive crash follows. Daily RSI overbought region, weekly RSI overbought region.

Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.

Comment:

Ethereum made the last wave up. 2967 is a key resistance. We can open a short position.

Trade active:

Short activated. Now expecting a big crash.

Comment:

Buy ETH again at around 2460, which is the previous double bottom formation.