Ethereum: Aqua Aerobic

4 Okt 2022

Ethereum has been doing aqua aerobic in the blue zone between $1456 and $1013 for a while now, moving up and down along the 61.80%-retracement. Although it could have gained enough drive already to start the ascent, we expect the cryptocurrency to dive a bit deeper still before rising out of the blue zone. As soon as wave (ii) in blue is finished, though, Ethereum should rise out of the blue zone, cross the resistance at $2029 and head for the upper blue zone between $2982 and $3420. However, there is a 40% chance that Ethereum could break through the bottom of the blue zone and drop below the support at $883, thus triggering further descent.