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The price of ethereum has Now it got stuck below $ 2,000 Over the past seven days and it looks like it will continue here to the next few days with a miniature sign of a significant recovery. The second largest cryptocurrency of market capitalization has fought under downward pressure from the beginning of March, together with sellers dominating the wider cryptographic market.
Interestingly, the latest technical analysis using Wave Elliott theory He suggests that bears domination will be continued for Ethereum in the foreseeable future. The analysis, published on TradingView, emphasizes the creation of the ABC correction pattern, which can dictate another crucial Ethereum movement.
The ethereum price structure indicates an extended correction
According to a cryptographic analyst known as Behdark on the TRADINGVIEW platform, the last Ethereum rotary formations, shoot shifts and wave levels indicate continuous correction. It’s intriguing Outlook is based on The number of Elliott wave analyst, which shows that Ethereum seems to create a ABC correction pattern.
This ABC correction pattern He has played since then November 2021 and lasted the last three and a half years. The ABC repair trend is a three -story in the theory of Elliott of the main correction. Wave A represents the initial decline, wave B is a momentary withdrawal or prevention movement, and the C wave is the final leg down, often stretching outside the A.
It would seem that the B wave, the second wave in the correction pattern, is now completed or similar to the end after the Ethereum broke below the trend line of about USD 2,500 at the end of February. This means that Wave C is to take place, which will expand the current bear trend. The analyst noticed that the C wave should be slightly longer than Wave A, indicating the withdrawn decline to a gigantic demand zone between 760 to 530 USD.
Two demand zones identified for ETH
The analyst presented two possible market DNA for Ethereum, referred to as “demand 1” and “demand 2.” . First demand zone It ranges from 1350 to 1,080 USD, and here Ethereum can see a certain purchasing pressure that will assist to put an end to the continuation of the C.
However, if the first demand zone does not persist, the price of Ethereum may experience an even deeper correction before finding stability. The next stability zone in this case ranges from 760 to 530 USD. The transition to this level will undoubtedly send Sentiment surrounding ethereum to the lowest level. However, it can also be an opportunity for traders stubborn to the assembly, because the next move after this zone is the beginning of the next five impulse waves.
Departing from negative perspectives, the analyst indicated a level of annulment of USD 2,941. If Ethereum manages to close the daily candle over this level, the bear scenario would be annulled.
At the time of writing this text, Ethereum trades for $ 1930. Taking into account the current structure of the price, The probability of breaking Ethereum above USD 2941 in a tiny period seems miniature.
A distinguished picture from Unsplash, tradingview.com chart
