Eth usd daily analysis
Time frame 4hours
Risk rewards ratio =2 ๐๐
Technical analysis ๐๐
As you can see in the chart, Ethereum has formed a double top(peak) pattern.
The distance from the top to the bottom has dropped by about 14%.
So, according to the double top pattern, we should have the same amount of drop from the bottom of the second peak. -14%again.
This Ethereum price decline has ended with a support level. (Dark blue box )
๐Which is a very important point.๐
On the other hand, according to Elliott wave counting, the 3-point correction wave has also ended and Ethereum is starting an impulse wave. โ๏ธ
There is also news about the start of the Alt-Season, and we know that one of the factors for the start of the Alt-Season is negative sentiment towards the market.๐๐
and now most analysts and traders expect a price decline, which can be good news for buyers.๐๐
