Thursday Update 05.01 - Ethereum
Ethereum managed to extend its current wave up to 1'270$, however, this doesn't change my bearish stance. The whole movement looks a lot like three separate corrective waves, which points towards my marked a-b-c structure.
The price almost reached the 0.618 retracement at 1275$, which is the ideal target for a wave 2.
The upcoming days should push ethereum back in order to validate the downwards wave 1-2 structure. In order to establish bearish momentum, the price must decline in the upcoming days. However, if the price continues to hold at the current levels or goes sideways, we have to look at our bullish alternative.
Important: As long as ethereum stays below the resistance @ 1352.70$ we can't expect any bullish reversal whatsoever.
Greetings
Benjamin Mendenmein