ETH actually looks a lot better than BTC at the moment and would be great if it was an early indicator of things to come. This current ABC drop and move up are structurally very similar to the previous March drop. If it plays in the same way, then we should expect to approach the previous ATH before correcting and then moving past.
My hesitation or alternate view of this scenario is that for EW, the wav 2 and 4 generally should be different corrective structures. One would expect a triangle or more complex correction to happen in wave 4, but this fractal calls for another simple zig zag to already be complete.
So my secondary count would be a WXY with the W being complete and currently we would be in the X wave which I would expect to top out around $3000-3100.
For fundamentals, ETH has Arbitrum scaling solution being released soon which Uniswap should be moving to. In this case, the main chain would be relieved of a lot of transaction pressure and fees in theory should drop significantly. Great for the end user, but long term, I am curious as to how low fees affect the ETH price. The last run up in price did not seem to be effected by these outrageous fees. Something to consider for down the road.
My hesitation or alternate view of this scenario is that for EW, the wav 2 and 4 generally should be different corrective structures. One would expect a triangle or more complex correction to happen in wave 4, but this fractal calls for another simple zig zag to already be complete.
So my secondary count would be a WXY with the W being complete and currently we would be in the X wave which I would expect to top out around $3000-3100.
For fundamentals, ETH has Arbitrum scaling solution being released soon which Uniswap should be moving to. In this case, the main chain would be relieved of a lot of transaction pressure and fees in theory should drop significantly. Great for the end user, but long term, I am curious as to how low fees affect the ETH price. The last run up in price did not seem to be effected by these outrageous fees. Something to consider for down the road.
Comment:
Here is the WXY count
