ETH Analysis
Maybe someone lucky reads this besides me. If so feel free to leave your opinion:)
First I thought Ethereum has made a triangle ABCDE-Correction and has started a new cycle . But when Eth went below the earlier low and the trendlines this was not a probable possibility anymore.
So I came to the conclusion that the assumed new cycle was a failed impuls wave, because the market wasn't ready for the new cycle.
Therefor Eth makes another correction and this time a regular ABC-correction.
As you can see we already did the A and B part.
We could see a bounce or maybe a trend change at the orange cross (It's the point where Eth hits the logarithmic trendline.See attached chart), but this wouldn't fit the wave count and as well not the current market situation.
The next reasonable buy zone would be the 88% retracement of the last cycle.
In this area we have also a good support zone from earlier lows.
First I thought Ethereum has made a triangle ABCDE-Correction and has started a new cycle . But when Eth went below the earlier low and the trendlines this was not a probable possibility anymore.
So I came to the conclusion that the assumed new cycle was a failed impuls wave, because the market wasn't ready for the new cycle.
Therefor Eth makes another correction and this time a regular ABC-correction.
As you can see we already did the A and B part.
We could see a bounce or maybe a trend change at the orange cross (It's the point where Eth hits the logarithmic trendline.See attached chart), but this wouldn't fit the wave count and as well not the current market situation.
The next reasonable buy zone would be the 88% retracement of the last cycle.
In this area we have also a good support zone from earlier lows.
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