Ethereum is eyeing $1500 support with A-B-C drop

22 Agu 2023

ETHUSD made a nice bullish run this year from 1063; a move that can be counted in five waves so we will be expecting more gains after a pullback that is still underway after current intraday drop below 1600. We see ETH now in a downward complex correction; ideally, a flat meaning there can still be a recovery from the near-term support. 1500 area certainly looks very interesting for completion of a five-wave drop in (C) wave, so more short-term weakness is possible after a current rally in subwave four. A rise above 1798 will invalidate the current bearish impulse for C, but on the other hand it will confirm the bullish turn.

Strong support is at 1500.
GH