Elliott Wave Analysis: ETHUSD Is Trading In Wave C

Hello Crypto traders!

Today we will talk about Ethereum, its price action from technical point of view and wave structure from Elliott Wave perspective.

ETHUSD is in recovery mode and from Elliott Wave perspective we can see a three-wave A-B-C Elliott wave corrective rally in progress. The main reason why we are looking for a corrective rise is because of wave B Elliott wave triangle in the middle. Triangles cannot occur in wave 2, so it should be an A-B-C.
Wave C is a motive wave and it should be completed by a five-wave cycle, where final wave (5) of C is still missing.

So, from technical point of view, we can easily see more gains till the end of the week, ideally towards projected 3600-4000 resistance area, from where we will have to be aware of a reversal down again.

Be humble and trade smart!
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With current sharp decline, ETH may now have a completed five-wave cycle within wave C of an A-B-C corrective rally, so watch out because bears could be back in the game.