I conducted an analysis of the ETHUSD chart using Elliott Wave theory and some technical indicators. I identified a prevailing downtrend, with Waves A, B, and C in development, and it seems we're currently in Wave C, which could indicate a deeper downward movement.
The technical indicators support this view: the price is below the 7- and 30-day moving averages, volume increases during declines, the MACD is trending downward, and the RSI suggests the market may be oversold.I suggest considering a short entry near the end of Wave B or the beginning of Wave C, with a stop-loss above Wave B and a take-profit near previous lows or when observing signs of exhaustion in Wave C.
This analysis suggests the downtrend may continue, but it's crucial to monitor the market to adjust the strategy as needed.Best regards,