Ethereum formed a top at $2651, and appeared to be forming a bull wedge looking to break higher. But it rejected the this upper level and has since retraced significantly. Currently it is finding support at $2442 or so, just above our significant technical level at $2400, which will provide further support if current levels do not hold. The Kovach OBV has dipped sharply, confirming the selloff. At this point, this should be considered a reasonable retracement and perhaps a corrective impulse of a 5-3 Elliott Wave. This could take us as low as $2324, before we can expect another burst of momentum.
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