As usual we can notice that the Ethereum is stronger than Bitcoin during the pumps on this bear market. You already know my global target for ETH, it’s $500. Now ETH makes the traders greedy and stimulates to buy the asset with rapidly increasing price. Of course it’s a mistake and Ethereum will dump more than the Bitcoin.
Let’s take a look at the 4h timeframe of the ETHUSDT chart of the WhiteBit exchange. The price is forming the Elliott waves structure, but a little bit different as on the Bitcoin. For ETH the price have also reached the 0.61 Fibonacci level in wave 2, but wave 3 is extended and reached the 2.61 Fibonacci extension. It means that now it’s correction time in wave 4 to the 0.38 Fibonacci (~$1500). The wave is gonna be shortened because of extended wave 3. I think that the maximum for Ethereum in this rally will be no higher than $1700. When we will see the proper setup we can short it because the potential dump is huge.
Best regards, Ivan
Trade on WhiteBIT! Use this link to register and receive 40% of trading commissions from your invited users!