ETHUSD
Here is my Elliott Wave Count on the Ethereum-USD pair. As you can see, on December of last year we started a new Bull Market on Ethereum from about $81 USD to about $364 USD, and that was in a 5-wave sequence which is bullish. Label Intermediate Wave 1.
After that we initiated a deep Intermediate Wave 2 correction to correct the previous wave, it can go as deep as the starting point of Intermediate Wave 1 but not below it. So far it seems like it is going to at least $90 USD if not lower.
Intermediate Wave 2 correction is developing as an ABC zigzag from which we already trace wave A and B and we have started to trace wave C. Wave C is developing as a 5 wave impulse to the downside, from which we already trace wave 1 and possibly wave 2, and we are still missing wave 3, 4 and 5, which should take several weeks to develop, maybe to the end of November or the starting point of December, and should take Ethereum to at least $90 USD if not lower. For wave 3 I’m looking to the $100 USD level that could be a good place to look for a bounce, but not the bottom.
We also got a Death Cross on September 4th and a Golden Cross on April 18th, but I’m not putting too much emphasis in that.
The invalidating point is $224, if Ethereum goes above $224 then this Wave-Count will be invalid and that will mean that the bottom is in.
You can short the Ethereum-USD pair using Bybit, with a stop at $224, up to 50x leverage but my recommendation is to not go above 3x leverage. That is what I use: www.bybit.com/app/register?ref=A1xm7
Good Luck in your Decisions
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