Crypto Pundit says Bears will continue to dominate Ethereum Price.
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There is a price of Ether Leeum It is now shown to be attached to less than $ 2,000. In the last seven days, it has little sign of a big recovery, so it will continue here for the next few days. The second largest cryptocurrency due to market capitalization has been difficult since early March, and with the seller It dominates the wider password market.
Interestingly, recent technology analysis Elliott Wave Theory I suggest that Ether Leeum will continue to be weak in the near future. Analysis posted in TradingView emphasizes the formation of the ABC correction pattern to indicate the following main movements of Etherrium.
Ether Leeum’s price structure refers to an extended edit.
According to crypto analysts known as Behdark on the TradingView platform, Ethereum’s recent pivot formation, momentum shift and waves degree are all in progress. This interesting Outlook is the basis Ether Lee Rium’s Elliott Wave Count, who appears to be forming an ABC correction pattern.
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This ABC modification pattern It has been played since then In November 2021, for the last three and a half years. The ABC correction trend is a three -wave pattern in Elliot Pi theory of major corrections. Wave A indicates an initial decline, Wave B is a temporary retreat or a counter trend, and Wave C is often the final lower leg that is often expanded beyond the waves.
After Ether Lee went bankrupt under the trend line of about $ 2,500 at the end of February, it seems that the second wave of the modified pattern is now completed or almost completed. This means that Wave C will be played and will expand the current weakness. The analyst pointed out that the wave C should be a little longer than Wave A.
Two demand areas identified for ETH
Analysts explained the two possible market floors of Ether Leeum, called “demand 1” and “demand 2”. that First demand area From $ 1,350 to $ 1,080, the room can also see the purchase pressure that helps to end Wave C’s sustainable.
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However, if the first demand area is not maintained, Etherrium prices can experience deeper modifications before finding stability. In this case, the following stability area is between $ 760 and $ 530. Movement to this level is undoubtedly Emotions around Ether Leeum The lowest in history. However, since the next movement of this zone is the beginning of the following five impulses, it can provide a chance for strong merchants to accumulate.
The analysts pointed out the level of invalidation at $ 2,941, away from negative prospects. If Etther Rium closes the candle daily above this level, the weak scenario is invalidated.
At the time of writing, Ethereum is traded for $ 1,930. given The current structure of price behavior, In the short term, the possibility that Etherrium will be destroyed more than $ 2,941 seems to be slim.
The main image of Unsplash, the chart of TradingView.com
