Ethereum: Preparing for Deeper Corrections

23 Feb 2024

Given that we've surpassed the 138% level, we must anticipate a more profound downward trend. We find ourselves in what appears to be a Wave ((ii)) correction, and we won't force an entry. Instead, we're adopting a long-term stance on Ethereum, avoiding the catch of falling knives. We expect a retracement between 50% and 78.6%, targeting the $2,300 to $1,860 range for Wave ((ii)) to find its support. The exact timing of this correction is uncertain and likely will take some time to fully materialize.

Consequently, a continued significant rise doesn't align with our expectations. Thus, we are positioned to anticipate a decline to at least 50% and at most 78.6% retracement. Should the price drop to these levels, it could potentially fall as low as $1,500. If it turns in this area we expect Ethereum to go to at least $4500.

27 Feb 2024

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