) was most likely gearing up for a rally to $4800-5400. We tracked it as a standard impulse pattern “contingent on holding above key price levels because there are no certainties. Only probabilities.”
The rally from the green W-4 low made on May 1 now counts best as three waves up. In ending diagonals . The ending diagonal is a special type of wave that can occur in Wave 5 of an impulse. The wave structure of an ending diagonal is different from that of the impulse wave. Where the impulse wave had a general structure count of 5-3-5-3-5, the ending diagonal most often has a structure count of 3-3-3-3-3.
Meanwhile, positive divergences are forming, suggesting exhaustion of the current downtrend, but it is a condition, not a trigger. Suppose the Ethereum Bulls fail to show up over the next few days. In that case, they risk a breakdown to as low as $2900+/-200 before starting their next attempt for that rally to $4800-5400. Namely, we remain long-term Bullish on this cryptocurrency, which started its Bull run towards ideally $10+/-2.5K in 2022, contingent on holding above $2150.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »