Ethereum is slowing down quite big after Ethereum ETFs debut, but looking at the daily chart, it can be making a deeper A-B-C corrective setback within higher degree wave C of a larger bullish triangle pattern. So far we can see that price is pulling back down to very interesting and potential support at 2000 area, where we think coin can stabilize.
But when looking at the 4h chart, it's a bit tricky situation, because the price is actually still sideways, and it's trading below 2800 resistance which has to be broken to invalidate the bearish wave count. So, for now bearish wave four is still valid with a triangle formation, with 5th wave yet to come down to 2k retest, especially if we see a daily close below the triangle trendline support.
For a detailed view and more analysis like this, you may want to watch below our latest recording of a live webinar streamed today on November 04 2024:
On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
/Nvidia%20logo%20on%20phone%20screen%20with%20stock%20chart%20by%20xalien%20via%20Shutterstock.jpg)
/Alphabet%20Inc_%20and%20Google%20logos%20seen%20displayed%20on%20a%20smartphone%20by%20IgorGolovniov%20via%20Shutterstock.jpg)