I'm in the process of narrowing down a macro count for ETH, but I wanted to get this post out quickly because we are at one of the potential reversal points right now. The most obvious point to note is the extremely heavy Bearish Reversal Divergence that has printed on the daily timeframe - which is either indicative of a topping or at least a significant pullback. The first scenario that I am looking at is a potentially finished ABC correction to the upside. In my experience, the .786 retracement has been the primary reaction point for Ethereum - stronger than the 1:1 or 1.236. It has also reached the .618, being the minimum target for a macro C wave. Now, both Bitcoin and Ethereum, have both reached the minimum target to qualify as finished. I think it is worth noting that BTC has maintained a range, after already reaching its minimum target over the last few weeks, while ETH pushed up alone - only to reject at the same level.
The potential second scenario that I am looking also implies a significant pullback, but with one more wave to the upside before another potential capitulation. That pullback would be a 4th wave, targeting a minimum of $383, but could go as deep as $250.
Either scenario, 5 waves or 3 waves, would fit inside of a much larger corrective structure with potentially heinous targets to the downside. Apologies that this is so brief, I plan to post a much more detailed analysis later on today.
Either scenario, 5 waves or 3 waves, would fit inside of a much larger corrective structure with potentially heinous targets to the downside. Apologies that this is so brief, I plan to post a much more detailed analysis later on today.
