E Ethereum And Litecoin Elliott Wave Cycles Point Further Decline

Just like BTC, even ETHUSD is sharply and impulsively down after a completed projected ending diagonal/wedge pattern within the 5th wave, so seems like bears are back, at least for a temporary period of time, where we are tracking a minimum three-wave (A/1)-(B/2)-(C/3) reversal down.

Round Gold-colored Ethereum Ornament

Image Source: Pexels

Looks like wave (A/1) is still in play, but pullback in wave (B)/(2) may not be far away, so in case of recovery, be aware of corrective one in wave (B)/(2) before a bearish continuation within wave (C) or (3).

Ethereum 4h Elliott Wave Analysis

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Ethereum Elliott Wave

As mentioned and highlighted, LTCUSD has now overlapped wave structure on a daily chart, which means that wave B correction can be completed exactly at 61,8% Fib. retracement so bears for wave C might back in the game. Looking at the 4-hour chart, the price action and wave structure looks very impulsive and with recently broken channel support line, seems like it's unfolding a five-wave bearish impulse, especially if breaks below 190 bearish confirmation level. Currently, we tracking wave (3), but a corrective setback in wave (4) may occur soon before a continuation lower for wave (5).

Litecoin 4h Elliott Wave Analysis

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Litecoin Elliott Wave

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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