ETH Analysis 7/04 ETH-USD

ETH / USD could have recently found a bottom with the low at 405.00 $. The correction was very clean in a visible double Zig-Zag. According to Elliott Wave, this is a combination of two composite correction patterns. These two double Zig-Zag formations in the structure of a W-X-Y formation.

The entire correction from the top formed a possible and quite ordinary flat formation, in which typically, the starting point of a previous trend is almost or completely corrected.

This is what happened here. With reaching the 88.6 Fibonacci retracement such a formation would be completed. Even subordinated everything fits together. The two Zig-Zags are perfectly finished with their waves:

(w-x-y)->W / (a-b-c)->Y,

so I currently expect a rebound in the next days or weeks at ETH.

This recovery could at least take the price back to the $600.00 region if all goes well. There, the typical Fibonacci resistances of the downward movement should stop the price again before it could go further up.

But we're not there yet.

This is NOT investment advice and does not encourage buying or selling. Every reader is aware of this and makes his own investment decision with his own understanding of risk management!

Cheers Jessy