March 4, 2024

Bears rule Ethereum while it is below $ 225

The last time we wrote about Ethereum was on August 9.The second-largest cryptocurrency is down 42% in less than twomonths and fluctuated around 210 dollars. Unfortunately, our analysis of Elliott Waves falling from $ 363 indicates further weakness. See the chart below to refresh your memory.
Bears rule Ethereum while it is below $ 225
This graph was included in our last article on ETHUSD.We thought Ethereum "made a decision that the bulls didn't like" because the drop from $363 looked almost like a full five-wave momentum.In the short term, this was good news, as a corrective recovery was about to occur.On the other hand, the theory states that impulses indicate the direction of a broader trend, so the overall outlook was not as encouraging.When wave 5 completed wave (1), a three-wave rally in wave (2) was to be expected before the downtrend resumed in wave (3).Almost two months later, we know for a fact that the bulls didn't like what happened next.Ethereum is currently trading around $173.Bears rule Ethereum while it is below $ 225
Wave 5 completed wave (1) at $ 173.35 15august. Wave (2) decided to develop as an expanding flat correction A-B-C, setting a new low to $ 163.62 in wave B. Then wave C in (2) rose to $ 225 to complete the entire 5-3 cycle. By September 19, it was time for the bears to return. A week later, Ethereum barely held above $ 152, while losing a third of its value. Thanks to the principle of Elliott waves, none of this came as a big surprise. Ethereum began 2019 with $ 131, so in the fourth quarter it continues to grow by 32%. The problem is that it remains under pressure for as long as it holds $ 225. If this analysis is correct, wave 3 in (3) from this moment will pull ETHUSD to new lows.

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