It appears as if Ethereum is on the verge of a final leg downward

It appears as if Ethereum is on the verge of a final leg downward
Please join us today for a discussion of the price behaviour of ETH, as well as its Elliott wave structure, in the cryptocurrency market.
Still bearish, however we can see that Ethereum is nearing the end of its five-wave cycle within the 5th wave of a higher-degree cyclical wave C, which suggests that support/bottom is not far away.

According to the 4-hour chart, ETHUSD is still in the midst of a five-wave negative cycle within the 5th wave, as projected. That’s why it’s important to keep an eye out for a bearish continuation for wave 5 after the present corrective triangle consolidation in wave 4 is complete, which could be coming to a close as a final subwave E is missing.

The Elliott wave pattern known as the triangle appears when the market is consolidating in a sideways direction, and it is made up of five corrective sequences. Triangular formations are known for their tendency to travel sideways due to the balance of forces between buyers and sellers. Structures A,B,C,D,E of this pattern are subdivided into 3–3–3–3–3 structures. Patterns that break into a new direction are known as continuation patterns.

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