Eyes downwards to 2400 area

Crypto market is recovering after sharp and impulsive decline, so seems like a three-wave a-b-c correction is still in play within wave »b«/«ii« that can find the resistance around 61,8% – 78,6% Fibonacci retracement and from where we should be aware of a continuation lower within wave »c« or »iii«

Total market capital 1h Elliott Wave analysis chart

Ethereum, ETHUSD turned sharply down in the 4- hour chart after we noticed 5th wave and completed five wave cycle. So, after that break below channel support line, seems like a new minimum three-wave decline can be now in play at least back to 2400 area for wave (C) if not even lower towards 1700 area for wave (3).

Ethereum 4h Elliott Wave analysis chart


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