Ethereum Short-Term (Ready For $1,600?)

Aug 7Let's look at short-term version of Ethereum; Let's see what the chart has to say.

➖ We know we are dealing with a bearish impulse based on the strength of the bearish move and its volume.

➖ If we think in terms of Elliott Wave Theory and a five wave pattern, we can say that we just witnessed the third wave, based on the strong volume. Meaning, "the third wave always has the highest volume."

➖ We have a 40% drop in 11 days.

➖ A bounce is now in place; a normal market reaction.
ETHUSDT grew 20% on the bounce.

➖ A bounce following a bearish impulse can range between 15-35%. Depending on the strength of the bears.

A stronger bounce or recovery would produce stronger bullish candles and momentum. As the chart it is, it seems something is missing...

We know based on intuitive perception and ten years of experience tracking the markets that the bearish move is not over. The bounce can extend, variability and volatility is always there, I can be wrong; but, everything is pointing toward lower prices.

➖ 0.5 Fib. retracement = ~$2,830.
➖ 0.382 Fib. retracement = $2,665.

These are key levels and likely left unchallenged.
If prices move higher, keep those in mind for short.

Thank you for reading.

Namaste.

Ethereum (ETHUSDT) | $2,454 Current price

Aug 8

Comment

The last 1h candle closed below the previous candle open price with force.


This type of move can signal the resumption of the main trajectory.

It can change as this is short-term, but it can be read as the bounce being over.

2H: