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ETH - still needing 1 more wave up?
ETH had a huge plunge from the psychological 4k level. That was to be expected, as the RSI on all timeframes (daily, weekly, monthly) was getting into nose-bleed teritorry and needed to cool off.
The big question now is - did we start the bear or does the bull still have some legs? Technically we are already in a bear market as ETH dropped about 50% (technical definition of a bear market is mkt dropping by more than 20%). However, is this bull dead or is this just a "correction"?
From an Elliot Wave stand point it would seem possible for this big drop to be a wave 4 correction with one last push higher (wave 5) still in the cards. This would also fit quite well the alternance of the waves, as wave 2 was a sideways move, while this wave 4 is very sharp.
The invalidation level would be if ETH overlaps the prior ATH from 2018, as that is the (presumed) same degree wave 1. If that happens, then odds are the bulls is dead and this could correct 80-95% as per the prior bear markets.
Personally I still think one more wave higher is needed, but I would not invest money I cannot afford to lose or keep locked up for a few years until the next bull emerges.
Disclosure: I still have about 20% of my crypto holdings and plan to add in this general area. 2k is a big round number and big psychological level, it might be spiked lower to hunt the stops below, but once it's won back, I believe it would be safe to add.
The big question now is - did we start the bear or does the bull still have some legs? Technically we are already in a bear market as ETH dropped about 50% (technical definition of a bear market is mkt dropping by more than 20%). However, is this bull dead or is this just a "correction"?
From an Elliot Wave stand point it would seem possible for this big drop to be a wave 4 correction with one last push higher (wave 5) still in the cards. This would also fit quite well the alternance of the waves, as wave 2 was a sideways move, while this wave 4 is very sharp.
The invalidation level would be if ETH overlaps the prior ATH from 2018, as that is the (presumed) same degree wave 1. If that happens, then odds are the bulls is dead and this could correct 80-95% as per the prior bear markets.
Personally I still think one more wave higher is needed, but I would not invest money I cannot afford to lose or keep locked up for a few years until the next bull emerges.
Disclosure: I still have about 20% of my crypto holdings and plan to add in this general area. 2k is a big round number and big psychological level, it might be spiked lower to hunt the stops below, but once it's won back, I believe it would be safe to add.
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