Crypto Pundit Says Bears Will Continue To Dominate Ethereum Price, Here’s For How Long
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Prices of Ethereum Now find yourself stuck under $2,000 Over the past seven days, it looks like it will continue into the next few days with little noticeable signs of recovery. Since early March, the second largest cryptocurrency by market capitalization has been struggling under downward pressure, with sellers Dominate the wider crypto market.
Interestingly, recent technical analysis Elliotbo Theory It indicates that bearish dominance will continue to continue Ethereum into the foreseeable future. The analysis published on TradingView highlights the formation of the ABC correction pattern, which may determine the next major move for Ethereum.
Ethereum’s price structure points to scaling corrections
According to an analyst known as Behdark on the TradingView platform, Ethereum’s recent pivot formation, momentum changes and wavy both indicate continuous corrections. This interesting Outlook is based on The number of Elliott Waves by analysts shows that Ethereum appears to be forming an ABC correction model.
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ABC correction mode Have been playing since then In November 2021, it has been leap over the past three and a half years. ABC corrective trend is a three-wave mode of Elliott wave theory. Wave A represents initial decline, wave B is a temporary retracement or reverse trend movement, while wave C is the final downward leg, usually extending beyond wave A.
The second wave in correction mode appears to be Wave B, now or close to completion after Ethereum broke off at the trend line around $2,500 in late February. This means that W Wave C will play a role, which will expand the current bearish trend. Analysts point out that wave C should last longer than Wave A, suggesting a large demand area drop in between $760 and $530.
Two demand areas identified for ETH
Analysts outline two possible market bottoms for Ethereum, called “Demand 1” and “Demand 2”. this The first demand area Between $1,350 and $1,080, this is where Ethereum may see some buying pressure, which will help end the Wave C continuation.
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However, if the first demand zone fails to hold, Ethereum prices may make a deeper correction before finding stability. In this case, the next stability zone is between $760 and $530. There is no doubt that moving to this level will send Ethereum sentiment To the lowest point in history. However, it can also accumulate an opportunity for bullish traders, as the next step after the area is the beginning of the next five waves of impulse.
Analysts deviated from the negative outlook, pointing to an invalid level of $2,941. If Ethereum manages to close the above daily candles above this level, the bearish scenario will be invalid.
At the time of writing, Ethereum trades at $1,930. In view of The current price action structure, There is little chance that Ethereum will break $2,941 in the short term.
Featured images from Unsplash, charts from TradingView.com
