For now, we are still looking for strong resistance zone and intraday bearish turn at least in three waves as we see bearish wave formations. However, keep in mind that these intraday structures look corrective within uptrend as well, so it’s important to wait for confirmations.
If Crypto market faces a sell-off within projected third waves, then bears are back as expected, but if Crypto market stays strong and at the highs, then we may see even bigger recovery according to daily ALTernate counts.
As per Elliott Wave analysis Ethereum, ETHUSD is in a bigger recovery mode like Bitcoin, but we still see an A-B-C corrective movement within wave B that can find the resistance here around 61%-78,6% Fibonacci retracement and 3300-4000 area.
Ethereum Daily Elliott Wave Analysis Chart #1
However, in case of a bigger recovery, we can also consider a five-wave bullish impulse after a completed three-wave A-B-C corrective decline from the highs as it’s shown in the COUNT #2.
Ethereum Daily Elliott Wave Analysis Chart #2