Ethereum’s current wave structure seems to suggest weakness, particularly as it fails to exhibit characteristics of a strong impulsive wave. The current structure, especially Wave 2, lacks the definitive strength typically seen in upward impulses. Instead, Ethereum seems to be developing into a more corrective structure, which could indicate the possibility of a new lower low being formed.
Target Price:
Based on the analysis, Ethereum may drop to a lower low near the $2,000 level. This is supported by the pattern, which is more in line with a bearish outlook rather than an upward continuation at this time.
Key Levels to Watch:
- Resistance near $2,400
- Possible support near $2,000
In summary, Ethereum is showing clear signs of weakness in comparison to Bitcoin, and traders should be cautious about a potential further drop in price.
4o
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