quantmaven

Ethereum: Triangle correction hypothesis is still valid

BINANCE:ETHUSD   אתריום
Ethereum appears to have completed a leading diagonal yesterday (see the purple descending lines, also go see Cardano ADA chart for a cleaner view of that leading diagonal), thus completing its secondary wave A of primary wave E of cycle wave 4. Price is now correcting upwards in what could potentially be some 3-3-5 flat structure. I drew two potential squiggles. The first one in orange shows a swift correction to 1700 and the second one in yellow (the one I think may be the most likely) shows that we spend more time correcting upward before price falls to 1700. Both cases are bearish in the short term. However once 1700 is reached, this should mark the end of the full bear market that began mid-may.
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