Ethereum ETH - Rising wedge is crashing! Drop to 1250 USD?

• Ethereum is unfortunately losing steam, according to my technical analysis.
  
• On the daily chart, the price is printing a clear rising wedge pattern that is currently breaking down! Ethereum has already made a massive 105% gain in 51 days, so I think the wedge is likely to break down rather than up.
  
• As per my Elliott Wave analysis, which is my main specialization - a major impulse wave has been completed and we are prepared for an ABC correction to the downside.
  
• Volume is generally lower during the 5th wave, and this is a textbook example here on the chart.
  
• If we take a look at the RSI indicator, we can spot a nice bearish divergence with a lower low swing on the indicator.
  
• The question is how deep the correction is going to be. We are retracing the first wave, so the correction is usually deeper. You can see 3 levels on the chart where I expect a bounce.
  
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Kommentar:

I was wrong, this Elliott Wave count is now invalidated!

Kommentar:

The market is extremely bullish now. You have to take a look at my analysis on Bitcoin.