ETH getting so much pressures, especialy when we notice that BTC get support at higher low, meanwhile ETH retrace to its 0,382 fibo level.
according to teory of elliot waves we have to acknowledge that in the phase of wave 2 or 4 (esp wave 2) price down and getting near to its golden ratio at fibo 0,382. so many traders would cutloss their long position, because it is more than -60% from the peak!
whatever your pov in ETH, here is the price action of ETH. in daily chart yes we see correction, but in monthly chart? it is still higher low , though lower high also created. making it interesting because what we see is triangle pattern that will soon break its structure.
Good Luck guys
according to teory of elliot waves we have to acknowledge that in the phase of wave 2 or 4 (esp wave 2) price down and getting near to its golden ratio at fibo 0,382. so many traders would cutloss their long position, because it is more than -60% from the peak!
whatever your pov in ETH, here is the price action of ETH. in daily chart yes we see correction, but in monthly chart? it is still higher low , though lower high also created. making it interesting because what we see is triangle pattern that will soon break its structure.
Good Luck guys
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