If you pull a FIB channel on the 2 week chart you will find that ETH has dropped below the .25 fib and "should" continue to drop all the way down to the 400-600 range (log charts have a higher variable)
The face is that the price has dropped below the previous all time high in 2017 which was 13k. This means the impulse is surely over and the massive 1 2 3 4 5 elliot wave has confirmed and completed from zero to 48k from its inception to its all time high at the end of 2022. Elliott wave... My understanding is that that was 1 massive wave 1 and we are now headed down the massive wave 2 (which can retrace all the way back down but not go below the bottom of wave zero)
I suspect this will stay inside the channel and reject at the bottom, then ascend to the next major resistance at 10k
If you compare the 3 year dips and booms, What I have noticed is that April is when the price gets a local dip. I assume its because the whales pump it up and buy jan feb before everyone gets their tax returns, then the whales pull out their liquidity leaving all the people holding bags under water.
The face is that the price has dropped below the previous all time high in 2017 which was 13k. This means the impulse is surely over and the massive 1 2 3 4 5 elliot wave has confirmed and completed from zero to 48k from its inception to its all time high at the end of 2022. Elliott wave... My understanding is that that was 1 massive wave 1 and we are now headed down the massive wave 2 (which can retrace all the way back down but not go below the bottom of wave zero)
I suspect this will stay inside the channel and reject at the bottom, then ascend to the next major resistance at 10k
If you compare the 3 year dips and booms, What I have noticed is that April is when the price gets a local dip. I assume its because the whales pump it up and buy jan feb before everyone gets their tax returns, then the whales pull out their liquidity leaving all the people holding bags under water.
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