21 August ETHUSD Price Elliott Wave Analysis: Will the bearish momentum continue?


ETHUSD seems to be building a wave 4 (orange) correction at the moment. Will the bearish momentum continue? What does the following 21 August ETHUSD Price Elliott Wave Analysis reveal?

21 August, AtoZ Markets – Ethereum (ETHUSD) is in a steep downtrend channel, although price is again approaching a strong support zone. A new lower low is expected before a potential reversal might occur. 

ETHUSD

Daily 1

Ethereum Daily

21 August ETHUSD Price Elliott Wave Analysis

Ethereum (ETHUSD) is in a steep downtrend channel, although price is again approaching a strong support zone. A new lower low is expected before a potential reversal might occur. 

ETHUSD needs to break (blue arrows) above the resistance trend line (red) before a larger bullish breakout is likely to occur. The orange lines indicate potential support zone between $150 and $225.

Daily 2

Ethereum Daily 2

ETHUSD seems to be building a wave 4 (orange) correction at the moment. A bearish continuation is likely to occur when considering the strong bearish momentum as price is pulling away from the 21 ema zone.

This could be a final 5th wave (orange) of a wave 5th wave (red). The -61.8% Fib target is at 190-200$.

4 hour

Ethereum

The SWAT candles are indicating bearish momentum (red candles). Price made a small pullback but has already broken below the bear flag pattern support lines and seems ready for a bearish continuation unless price bounces at the previous bottom.

A rally is likely to stop at the resistance trend lines (purple) and price needs to break above $350 before an uptrend is likely at this point.

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