Ethereum - 28% crash is almost ready! (descending triangle)
- On ETH, the current market structure is extremely bearish. We can spot a descending triangle projection on the 4h chart, so for now the probabilities are for it to go lower.
- I believe the market wants to wipe out all stop loss orders above the swing high at 1234 USD, which is also at the 0.618 FIB. This is a great level to open a short position on futures.
- I will short all pumps on ETH until we reach 882 USD, the previous swing low from June 18th, 2022. Ethereum is pretty weak compared to other altcoins, and I am not surprised at all.
- As per my Elliott Wave analysis, the A wave is a 3-wave corrective structure. The bears are strong, and they want to push the price lower.
- Crypto will continue in the biggest crash in history. ETH can reach 400 USD next year, and BTC can reach 10 000 USD next year.
- I am naturally bearish on this chart, because why not? What is bullish here, let me know in the comment section!
- This is a brief and clear update. I hope you like it! I am not falling for this mini uptrend on the 1h chart.
