$ETH in a ABC correction

ETH broke down the upchannel and makes me think its in a bigger ABC-channel.
This downward movement was already indicated by a bearish MACD .

To be honest: I'm looking at the target, what should happen to let it drop that much.... I had the same feeling when ETH was at 300 and my target was 140.
This is not such a big downfall, but I'm still a bit surprised. But chart is showing me this, can't make it better for now.

Good luck!
It's ok ur analysis great job
Thanks for the nice analysis @Crypto_Ed ! What do you think the chances are for a turnaround at 260? According to my Elliot Wave analysis we are in the ABC of wave 4 but if we go below 260 we overlap the high of wave 1 (July 18) and I would obviously be wrong.
@JeppeP, In my system, 250-260 might give a bounce. Its Fibo extension from a smaller abc correction, but I think the bigger ABC will play out. In the end, we all dont have a crystal ball. Time will tell.
+1 回覆
JeppeP Crypto_Ed
@Crypto_Ed, you're definitely right about the chrystal ball. I appreciate the clarification on the bigger ABC move. Let's see what happens.
Totally agree - strange though BTC is in same correction phase - they are tightly correlated
BTC is highly overvalued. Unfortunately for the near term ETH must follow suit, even though it is severely UNDERvalued.
+2 回覆
mooneymoonman FUTUREBOYCOLIN
@FUTUREBOYCOLIN, youre correct. Check out the total market value drop on coinmarket cap, its down 25%!
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