$ETH is currently showing signs of a potential Wave 2 corrective pullback, which may have bottomed out. However, alternative interpretations remain viable. The sideways action has led to adjustments in the micro structure, and while the Wave 1 top could be at different levels, if Wave 2 has indeed bottomed, Wave 1 likely peaked on August 8th. A breakout above $2,700 would confirm the start of Wave 3, but a break below $2,515 could push prices down to $2,410, $2,320, or $2,280. The triangle pattern forming suggests reduced volatility, with the key levels to watch being $2,540 on the downside and $2,700 on the upside.
âĄïž Trade Setup:
- Buy: Above $2,700, targeting $2,900â$3,000.
- Stop Loss: Below $2,540.
Or,
- Sell: Below $2,515, targeting $2,410.
- Stop Loss: Above $2,540.
