Ethereum Elliott Wave Cycles Approaching Top
Crypto Total Market Cap is trading in wave (5), but there’s still room for slightly higher levels to complete a five-wave cycle of the lower degree. But, on the other hand, we see ALTcoin market cap already finishing a five-wave cycle within wave (5).
Crypto Total Market Cap 4h Elliott Wave Analysis
In intraday chart, ETHUSD can be still forming/finishing ending diagonal/wedge pattern and by all the rules, each leg of a five-wave movement has to be completed by three waves a-b-c. So, even ETH can see another and final jump into a wave »c« of 5 towards 5k level before a reversal down. But of course, any early decline back below lower ending diagonal line and 4300 level would be signal for a completed wedge pattern within wave (5).
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ETHUSD 1h Elliott Wave Analysis
Ethereum is coming even higher in the 4-hour chart as expected, but notice that it’s running out of steam, so we are still tracking final stages of a potential ending diagonal (wedge) pattern within wave (5) that can stop here around 5000 level and from where we should be aware of bigger and deeper decline at least in three waves. Broken channel and 3900 level would be definitely signal for top/resistance.