After the bullish rally on whole crypto market which have been ended on August 2022 I told you that Ethereum will dump even more that Bitcoin. Now the Ethereum is still the most dangerous asset. Recently I showed you 2 altcoins, DOT and ADA, which have already flashed the insane long signals. These assets are on the bottom, but ETH have pumped significantly and at the same time it have to finish the bear market. The bear market have to be finished with the divergence between global waves 3 and 5. For this purpose price have to break down $900.
Locally on the daily timeframe MACD showed us the confirmed bullish divergence. Taking into account that this divergence happened in the center of the bearish wave 3, it is not valid. I expect local pump, the bull trap with the whole crypto market, but after that we can wait for the huge dump. The target for the wave 3 inside global wave 5 have the insane target – 850$, it is the Fibonacci extension 1.61. Here is the most probable target for this wave. $850 is not going to be the global bottom for ETHUSDT, it’s just the first significant stop. After than the subwave 5 inside wave 5 is going to happen but we will talk about it when the price will be there.
Best regards, Ivan