Elliott Wave View: Ethereum should see further downside [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short Term structure in Ethereum (ETHUSD) shows an incomplete bearish sequence from September 3, 2021 peak favoring further downside. Decline from September 3 peak is unfolding as a double three Elliott Wave structure. Down from September 3, wave (W) ended at 3015 and rally in wave (X) ended at 3677. Internal subdivision of wave (X) unfolded as a zigzag structure. Wave A ended at 3583.74, pullback in wave B ended at 3111.72, and wave C of (X) ended at 3677. Wave (Y) lower is currently in progress with internal subdivision as a zigzag.

Down from wave (X), wave ((i)) ended at 3350 and rally in wave ((ii)) ended at 3545.70. The crypto currency then extended lower in wave ((iii)) towards 2912.28, rally in wave ((iv)) ended at 3059.62, and final leg lower wave ((v)). This should complete wave A. Bounce in wave B is in progress to correct cycle from September 16 peak in larger degree 3, 7, or 11 swing before it turns lower. Near term, as far as pivot at Sept 16 peak (3679.80) remains intact, expect rally to fail in 3, 7, or 11 swing for further downside.

Ethereum 60 Minutes Elliott Wave Chart

ETHUSD Elliott Wave Video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face pressure near key technical barriers

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) hover around key levels on Monday after correcting slightly in the previous week. The top three cryptocurrencies by market capitalization could face increased downside risk as bearish momentum builds across key indicators.

Top Crypto Losers: DASH, SPX, PENGU – Privacy and meme coins lose ground

Altcoins, including Dash (DASH), SPX6900 (SPX), and Pudgy Penguins (PENGU), are leading losses as the broader cryptocurrency market remains cautious ahead of the macroeconomic data releases, such as the US Nonfarm payroll report, CPI data, and the Bank of Japan’s rate-hike decision.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

Ethereum 60 Minutes Elliott Wave Chart

ETHUSD Elliott Wave Video

Legal Text

Markets move fast. We move first.

Editor's Picks