Ethereum: Simple Zigzag and equality

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 ETH/USD 240 mins chart


Cryptos has witnessed one of the biggest bearish trend in its time. However, nothing lasts forever and this to will end.

Prices in the above chart is moving in a falling channel indicating that the trend is negative, but for me it is not possible to come to a conclusion that it will falter from the current juncture. The Crypto has arrived near to the support of the falling channel and a resilience from here is likely.

As per Elliott Wave, the fall from the top is a simple zigzag where wave a was an impulse followed by wave b and wave c down in an impulse. Wave a and wave c follow the rule of equality, so there is a high possibility for prices to either move up in wave x or a fresh rally will start. 

The summation is ETH is all set to bounce from current levels and can test $2500 over short to medium term.

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