"Elvis has left the building!" The famous phrase was used by announcers to tell the audiences of the king, that there were no more encores. It has since become a well known catchphrase and punchline.
The question that we have to ask ourselves regarding Ethereum: "have the bulls left the chart?" We think that reching the $450 area could mark a superior high. This could lead to a bigger correction as indicated by the arrows. Target area of this wave 2 in turquoise lies between $270 and $230. On the way there might be waiting a long trade for us. We have marked the turnaround zone in yellow. For further confirmation of a major high, we need to break the support at $396.
The question that we have to ask ourselves regarding Ethereum: "have the bulls left the chart?" We think that reching the $450 area could mark a superior high. This could lead to a bigger correction as indicated by the arrows. Target area of this wave 2 in turquoise lies between $270 and $230. On the way there might be waiting a long trade for us. We have marked the turnaround zone in yellow. For further confirmation of a major high, we need to break the support at $396.
Comment:
The bulls put the bearish ambitions to an end and the support area at $362 could not be broken. The result is easy to spot: A very impulsive bullish breakout to new highs. This was not the superior hight. A continuation of the upward movement is now the most likey scenario. Target $550
