Crypto Pundit says the bears will continue to control the price of ETAREUM, and here’s how long
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Ethereum price She now found itself stuck less than $ 2000 In the past seven days, it seems that it will continue here in the next few days with a small sign of a great recovery. The second largest encrypted currency is struggled by the market value under the declining pressure since early March, with sellers It dominates the broader encryption market.
Interestingly, modern technical analysis using Elliot wave theory It indicates that the descending hegemony will continue in Ethereum in the foreseeable future. The analysis, published on TradingView, highlights the formation of the ABC correction pattern, which can dictate the next main step for Ethereum.
Ethereum price structure indicates an extended correction
According to an encryption analyst known as Behdark on the TradingView platform, the last axial configurations of ETHEREUM, momentum transformations, and all wave degrees indicate a continuous correction. This is interesting Outlook depends on It seems that the number of an analyst in the Elliott wave, which shows that ETHEREUM is an ABC correction pattern.
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This ABC Correction Style He has been playing since then November 2021 has spanned the past three and a half years. ABC corrective trend is a three -wave style in the Elleott wave theory of the main correction. A wave is the initial decrease, the Wave B is a temporary decline or a counter -step, and the Coa C is the final leg of the landing, and often extends beyond the wave A.
It seems that the wave, which is the second wave in the correction pattern, has now been completed or is about to finish after Ethereum erupted to the bottom of the direction line around $ 2,500 in late February. This means that the Cave C is appointed to play, which will extend the current downward trend. The analyst pointed out that the Cave C should be slightly longer in the period of the wave, which alludes to a decree decrease to a large demand area ranging between $ 760 and $ 530.
Two specified from two areas to order ETH
An analyst has identified the potential markets of the ETHEREUM, referred to as “demand 1” and “demand 2.” the The first demand zone It ranges between $ 1350 and $ 1080, and this is where Ethereum may see some purchase pressure that will help put an end to the C.
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However, if the first demand zone fails to keep it, the ETHEREUM price may face a deeper correction before stabilization is found. The next region ranges from stability, in this case, between $ 760 and $ 530. There is no doubt that moving to this level will be sent Feelings surrounding excitement To the lowest level ever. However, it can also provide an opportunity for the aromatic traders to accumulate, because the next step after this region is the beginning of the next five driving waves.
When deviating from negative expectations, the analyst pointed to a nullity level at $ 2941. If Ethereum is able to close a daily candle above this level, the dumping scenario will be canceled.
At the time of writing this report, ETHEREUM is traded at a price of $ 1930. Given The current structure for the price of the price, The possibility of breaking ETHEREUM appears to be over $ 2941 in the short term minimal.
Distinctive image from Unsplash, Chart from TradingView.com
