#ETH = Daily Analysis – Beware! = 06.01.2022 $ETH #Ethereum #fintwit #crypto #ElliottWave

Today ETH made another very bearish statement by candles. The probability of going down is close to “guaranteed”.

I hope everyone took cover after the Alert three days ago: “ETH could possibly accelerate down from here. The candle formations suggest a possible substantial drop in the next 1-2 days. Possible target area: $3280-2950.”

Alert on January 3rd

This daily overview contains:
– analysis of candles and technical events;
– short term forecast;
– long term forecast.

CANDLES
Daily
Today ETH made another strong bearish continuation candle that closed just a few points below 200 DMA, pushing it there in the remaining seconds before the cut-off. This is significant.
The 50 DMA just crossed 100 DMA. This is also significant.
The odds are strong bearish with no signs of reversal yet.

If this week closes “as is” or lower, the weekly will print a strong bearish candle and the odds would become strong bearish.

If you followed @InvestingAngles and our long term forecasts on crypto for a while, you would be able to avoid painful declines in May 2021 and now.

ELLIOTT WAVES

Long Term
No changes there.

Tracking two paths:

  1. Red (primary for now).
    ETH is working on an Ending Diagonal for wave C of IV, targeting the red rectangle.
  2. Blue
    ETH is developing a Super Cycle wave (II).
    For a reference, the Cycle wave II declined 94% in 2019.

Short Term
I have been tracking this possible triangle and a breakout since December 12.
Short term targets: $3280-2950 (almost there!)

Summary:
With such strong short-term candles, $ETH is expected to continue its move downwards. Possible short-term targets: $3280-2950.
There is no signal of a reversal yet. A daily closure above ~$3470 would be the first bullish sign.

The long term perspectives were discussed in details in ETH 2022 Forecast.

Good luck!

If you already follow @InvestingAngles on Twitter and would not want to miss an important post, you can follow the blog on WordPress by email (free service). In this case, all posts will be sent to your inbox directly, including those with Premium Content. The Premium Content sections of the posts will be readable only if you have an active subscription.

A $10 USD monthly subscription gets you access to the monthly and weekly analyses, mid and long term forecasts for cryptocurrencies, major US and some world indices, precious metals and miners, commodities, popular stocks and more. There is no free trial. For $10 USD you can evaluate the service for a month and discontinue the subscription at any time.
https://investingangles.com/subscription/

%d bloggers like this: