Per my previous post on Bitcoin below, Ethereum is also getting close to a bottom as a wave 4 of larger super cycle wave 1.
Wave (3) hit the 1.382 log fibonacci level of wave (1) almost to the tee around $1400, a frequent level for 3rd waves when wave 2 is shallow. i.e. doesn't hit the 61.8% retracement of wave 1, as was the case with ETH.
My current expectation is that ETH has one more move down to go to end the present bear market. The ideal target is somewhere between $170-190 at the 38.2% log fib retracement of the full wave (3) before resuming the uptrend in a wave (5) which should hit as a minimum the 1.764 log fib level at around $6500.
Should ETH drop below this range, we could see it drop to the $90-130 region, but that is not my expectation at the moment.
Wave (3) hit the 1.382 log fibonacci level of wave (1) almost to the tee around $1400, a frequent level for 3rd waves when wave 2 is shallow. i.e. doesn't hit the 61.8% retracement of wave 1, as was the case with ETH.
My current expectation is that ETH has one more move down to go to end the present bear market. The ideal target is somewhere between $170-190 at the 38.2% log fib retracement of the full wave (3) before resuming the uptrend in a wave (5) which should hit as a minimum the 1.764 log fib level at around $6500.
Should ETH drop below this range, we could see it drop to the $90-130 region, but that is not my expectation at the moment.
