HIGHLIGHTS
Ethereum's (ETH) price is preparing for a deep retracement to $45 in the next 7 months. Elliot Waves count shows we are preparing for 3rd wave out of 5 Impulsive waves. Big retracement will take place.
IN DETAILS...
Fundamentally, before a big drop, a short squeeze is taking place. Last few days we saw a growth in the price of more than 30% for a short period of time. This action forced the short sellers to liquidate their current positions. After the market gets confused a dump takes place.
Technically, it seems that Ethereum is in a 5th Wave by the Elliot Wave count. Elliot Wave is a theory build on mass psychology. On the 25th of October Ethereum's (ETH) price tested the 200-candle exponential moving average (EMA) on a daily time frame. The movement was rejected.
This sign is proving trend won't pass that resistance that easily. On the other hand, we have a 121-candle moving average (MA) on a daily time frame that will also be a resistance for the price.
Last few days the relative strength index (RSI) got in an overbought condition. That means the price is ready to switch to a bearish trend and make new lows. Ethereum got exhausted from trying to break the channel, the next logical step is to retrace aggressively. The price target count by Elliot Waves should be around $45 for the next 6 to 7 months.
CONCLUSION
Ethereum's (ETH) price will retrace aggressively. The target by EW is $45. Reaching it will take some time approximately 6 to 7 months.
Awareness keeps the fear away!
Ethereum's (ETH) price is preparing for a deep retracement to $45 in the next 7 months. Elliot Waves count shows we are preparing for 3rd wave out of 5 Impulsive waves. Big retracement will take place.
IN DETAILS...
Fundamentally, before a big drop, a short squeeze is taking place. Last few days we saw a growth in the price of more than 30% for a short period of time. This action forced the short sellers to liquidate their current positions. After the market gets confused a dump takes place.
Technically, it seems that Ethereum is in a 5th Wave by the Elliot Wave count. Elliot Wave is a theory build on mass psychology. On the 25th of October Ethereum's (ETH) price tested the 200-candle exponential moving average (EMA) on a daily time frame. The movement was rejected.
This sign is proving trend won't pass that resistance that easily. On the other hand, we have a 121-candle moving average (MA) on a daily time frame that will also be a resistance for the price.
Last few days the relative strength index (RSI) got in an overbought condition. That means the price is ready to switch to a bearish trend and make new lows. Ethereum got exhausted from trying to break the channel, the next logical step is to retrace aggressively. The price target count by Elliot Waves should be around $45 for the next 6 to 7 months.
CONCLUSION
Ethereum's (ETH) price will retrace aggressively. The target by EW is $45. Reaching it will take some time approximately 6 to 7 months.
Awareness keeps the fear away!
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