#ETH = Daily Update = 03.12.2021 $ETH #Ethereum #cryptocurrency #crypto

#Ethereum is not bullish even remotely. Today it completed a very strong bearish combo and the perspectives for the weekly candle are not looking promising. Let’s evaluate.


Today ETH completed a Tower Top, one of the strongest bearish multi-candle formations. The combo was made on a high volume; the price dropped below 50 MA and 8/20 EMA crossed in a bearish way. The other indicators suggest a further move down.
If ETH continues down, it has a good chance to print a bearish candle or combo on the weekly frame.
Odds: Bearish

Elliott Waves
I’ve been tracking red and blue counts recently, but after today’s aggressive move I am adding one more possible option – red.

Expect a minor bounce and another drop to a new lower low. If it happens, the wave down will likely extend.

ETH is working on a bigger flat for wave B. A motive wave up could be deceiving.

Possible rally to ATH. Low probability at this point.

The mid and long term perspectives were discussed in the monthly analysis:

Good luck!

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