- This is a very bearish 3-wave corrective pattern (WXY) double ZigZag . This pattern is now confirmed, and ETH could drop significantly!
- It’s not looking good for ETH at all. The bear market is strong, and ETH can potentially reach levels below 1000 USD.
- The most important yellow trendline has been destroyed by the bulls, and the bears are back in full force!
- I recommend longing ETH at the 0.618 FIB for quick gains. This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- The ECB (European Central Bank ) recently warned us about a massive crypto crash; this could be true.
- 1235 USD is a key level, and the bulls weren’t able to sustain it! This level was important because it was the peak of the first wave (W). The possibility of an impulse wave has been invalidated for good.
- I hope you guys are doing great and take care!
ETH – The most bearish pattern is confirmed!
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Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.