Ethereum - bulls are in huge DANGER!

4 июл. 2023 г.

Hello, everyone!

Yesterday I made the BTC analysis where pointed out that it's pump will be ended soon. Today it's time to talk about ETH which is going to follow Bitcoin.

1️⃣WHY THE ELLIOTT WAVE FORMATION IS VALID?
Let's take a look at the ETH price chart. We can see also the clear 5 Elliott waves formation. Notice that wave 3 has perfectly hit the 1.618 Fibonacci extension level, which corresponds to extended target for this wave. Wave has also reached it's original target between 0.38 and 0.5 Fibonacci retracement levels. Now price is printing the wave 5. You can tell me that this wave 5 is ugly, but it could be in shape of ending diagonal. That's why I expect the slight higher high before the deep dive.

2️⃣WAVE 5 TARGET
Wave 5 has the target zone inside the red box. The lower band of this box has been already reached. I think Ethereum will hit the higher band at $2000 and it's gonna be the top.

3️⃣OTHER BEARISH SIGNS
The Awesome Oscillator supports my idea because it has already formed the confirmed divergence. The only one thing we need is the bearish reversal squat (MFI state) bar on the 4h time frame to tell that uptrend is over. Moreover on the 1D time frame ETHUSDT has already formed the squat MFI bar yesterday, which could be the strong early bearish sign.

Best regards, Ivan
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