ETH/USD Elliott Wave Anaysis

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 ETH/USD daily chart


From the above daily chart of ETH, it is very visible that prices are moving in a lower highs and lows. Also prices are below the falling trend line which is a negative sign.

However, as per wave theory, if this trend line is broken which means a bullish break can be seen, I will no be bullish unless there is a follow up action providing confirmation. So I have placed my wave counts with possible scenarios.

The first fall can be seen as wave a which is impulsive in nature. So if this is wave a of zigzag then wave b is unlikely to move above 61.8% of wave a. In wave b wave wave a and wave b is over and wave c can surpass wave a of wave b which can move till $2900-3000 levels. 

If wave b continues to move above $3600 level then the first scenario will be negated and another impulse will start.

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