ETH/USD Can Turn Into A Temporary Correction

Forex Technical Analyst • Jun 29, 2020 at 11:05 AM EDT

Ethereum was stronger than BTC in the last couple of days and it made a five-wave cycle from the lows, ideally into a wave A/1.

Ethereum is recovering with a five-wave cycle from the lows, ideally into a wave A/1.

ETHUSD can now be bullish confirmed with clear five waves from the lows, however, let us be aware, that after every five waves, a temporary pullback should follow.

In our case, we are talking about a corrective wave B/2, which can form from current 250 high. That said, support for wave B/2 can be at the 196/150 zone, where former swing low, and various Fib.ratios (38.2, 50.0, 61.8) can react as support.

ETHUSD, 4h

(Click on image to enlarge)

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