Ethereum: Elliott Wave Analysis

 ETH 4 hour chart

From the above chart, prices are consolidating above its recent low and it seems it will falter as the inverse head and shoulder pattern is negated. This opens negative possibilities as prices can test its lows back again.

As far as Elliott Wave counts, as far as equality is in place, it is difficult for the price to move back down and break its previous low. It can retest and then move higher. Wave 5 of one higher degree cannot be in corrective mode either but since it is wave i of wave 5 it can be leading diagonal or ending diagonal in wave 5 itself. For this to be intact it need not break the low of $880 levels.

The summation is Ethereum can dip near about $980-$930 over short term which can form a basing formation for this crypto. However, break of $880 will accelerate further selling pressure


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