Reason to trust
Strict editorial policy which focuses on precision, relevance and impartiality
Created by industry experts and meticulously revised
The highest standards in the declaration and publishing
Strict editorial policy which focuses on precision, relevance and impartiality
Morbi Pretium Leo and Nisl Aliquam Mollis. Quisque Arcu Lorem, quis pellentesque nec, ultlamcorper eu odio.
Este Artículo También is respondable in Español.
The price of Ethereum has now found stuck below $ 2,000 Over the past seven days, and it seems that this will continue here in the coming days with little sign of a significant recovery. The second largest cryptocurrency by market capitalization has been downward pressure since early March, with sellers Dominating the wider cryptography market.
Interesting fact, a recent technical analysis using Elliott waves theory suggests that downward domination will continue for Ethereum in the foreseeable future. The analysis, published on TradingView, highlights the training of an ABC correction model, which could dictate the next major decision of Ethereum.
Ethereum’s price structure points to prolonged correction
According to an crypto analyst known as Behdark on the TradingView platform, recent Ethereum pivotal training, Momentum changes and wave degrees all indicate a continuous correction. This interesting Outlook is based on The counting of the analyst of the Elliott wave, which shows Ethereum seems to form an ABC correction model.
Related reading
This ABC correction model play since November 2021 and lasted the last three and a half years. The Corrective ABC trend is a three wave model in the Elliott wave theory of major correction. The A wave represents the initial decline, the B wave is a temporary movement or a movement of counter-temperature, and the wave C is the final descending leg, often extending beyond wave A.
It would seem that wave B, the second wave of the correction model, is now over or ends once Ethereum broke below a trend line around $ 2,500 at the end of February. This means that wave C should be played, which will extend the current downward trend. The analyst noted that wave C should be a little longer than the wave A, referring to a drop expressed to a large demand area between $ 760 and $ 530.
Two requests identified for ETH
The analyst described two possible markets possible for Ethereum, called “request 1” and “request 2.” THE First request zone is between $ 1,350 and $ 1,080, and this is where Ethereum could see a purchase pressure that will help end the C.
Related reading
However, if the first request zone does not hold, the Ethereum price may undergo even deeper correction before finding stability. The next stability area, in this case, is between $ 760 and $ 530. A passage to this level will undoubtedly send the Feeling surrounding Ethereum a hollow of all time. However, he can also offer bull traders the opportunity to accumulate, because the next decision after this area is the start of the five waves of the following pulses.
Delocating negative perspectives, the analyst underlined a level of invalidation at $ 2,941. If Ethereum manages to close a daily candle above this level, the lowering scenario would be canceled.
At the time of writing this document, Ethereum is negotiated at $ 1,930. Given the Current structure of price action, The probability of Ethereum exceeding $ 2,941 in the short term seems slim.
Felash star image, tradingView.com graphic
