Ethereum Forming Double or Triple Zigzag as Intermediate Wave B
Unlike bitcoin, the trend line that began forming in 2015 on the logarithmic scale is not only not acting as support, but it also appears to be acting as a center point of attraction for the price of Ethereum. Ethereum’s price action also doesn’t seem to be clearly defined by a trend channel like bitcoin’s price action. Nevertheless, while the form appears to differ, the internal Elliott structure is almost identical.
All Elliott requirements have been satisfied for a double zigzag, so prices could begin moving down at any moment (the light blue line outcome).
If Ethereum develops a triple zigzag, it must still finish Minor wave X and Minute waves A, B, and C (Minor wave Z) before intermediate wave B completes (the dark blue line outcome). Under this scenario, Ethereum will probably continue to move sideways for approximately the next three weeks.
