ETHBTC continued dropping this week after a brief rally in the week before. What should be expected in the coming week? Will price drop further? The following 3-5 march Ethereum price prediction looks at the ETHBTC using Elliott wave theory.
03 March, AtoZForex – ETHBTC has lost about 15% so far this week after a 25% gain last week from 0.0071. Price had earlier completed a bullish impulse wave. The impulse wave started on the first week of December 2017 and lasted throughout January 2018. During this period price of ETHBTC gained more than 400%. This result was led to by a particularly strong Ethereum especially in January 2018 when many other coins remained sideways or dipped further.
According to Elliott wave theory, a 3-wave correction should follow a 5-wave decline or rally. The corrective move should be against the prevailing trend. That was exactly what happened to ETHBTC after peaking at 0.123. More often than not, a 3 wave correction retraces up to 62% of the prevailing/preceding trend. By this measurement, one would have expected the correction to last to 0.0061.
In the last update, we saw a 3-wave pattern about completing but it was shallow. The chart below was used in the last update.
If price breaks above 0.102, then the prevailing bullish trend is more likely to resume. A wave 2 dip could be an entry level. If price stays below 0.102, a double zigzag corrective pattern could be seen down to 0.06-0.07 before price resumes upside. Stay tuned for the next update.
The correction was shallow and the reason we felt waiting for price breaking above wave b top at 0.102, to confirm the probable end of the correction, would make sense. If price didn’t break upside as expected, it only meant that the correction would continue. What happened afterwards?
3-5 March Ethereum price prediction- ETHBTC technical outlook
The chart above shows the correction is very much likely to continue downside to 0.0058-0.0038 bearish zone. If we can chose an exact price, we would go with 0.05. In the coming week, the bearish run is expected to continue. Once this is over, a new bullish move should start. Stay tuned for the updates.
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