#Ethereum = Weekly Analysis – Going Lower = 19.06.2021 $ETH #ETH #cryptocurrencies #ElliottWave

The weekly $ETH candle confirmed the Dark Cloud Cover of previous week and signals a continued decline. The monthly and daily charts are also not encouraging. Let’s have a look at the different time frames from different Angles.

Monthly
The High-Wave Doji of May is waiting for confirmation of trend. The RSI and MACD were at All Time High, but are definitely moving down now. A monthly close below $1740 would confirm a strong multi-month bearish trend.
Odds: Bearish

Weekly
The previous week Dark Cloud Cover is confirmed this week and, on top of that, the price closed below the 20 EMA line, sending a strong bearish message for the next week. Multiple indicators also support the lower lows next week.
Odds: Strong Bearish

Daily
On June 16 the coin completed a Tower Top. It has since been followed by various bearish candles. ETH is yet to produce a daily candle that would signal a possible reversal. For that, it would need to break above 2450-2500 area.
Odds: Bearish

Elliott Waves

There is a chance that ETH has started the next major wave C of IV and is in wave 3 of C. I placed a preliminary channel and the counts. There are still some doubts as the wave 1 down is not as clean as it could be – assuming it is a leading diagonal.
The next major support is at ~1860 and we could see a battle there with a possibility to bounce off.

Forecast

Based on the information above, there is a possibility of a pause or minor uptick during the week, but the next week is expected to close lower than this one.

If ETH reverses, I would consider wave alt B (light blue) as the next target. This is currently a very low probability scenario.

On May 16 (when $ETH was ~3700) I did “expect a min retrace of 23-38% (3350-2700). Probability of a deeper one – 50-62% (2200-1700) is rather high.” So far, the forecast stands.
NOTE: If ETH breaks below 1423.20, there is a chance of triple-digit price in the nearest future.

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Previous Weekly:

Previous Monthly:

The call on May 16:

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