Elliott wave analysis of Ethereum for August 9, 2018

Ethereum price has reached the important $350 price level and major support of previous April lows as expected by our last analysis. The trend remains bearish. However, there are many chances of at least a bounce towards $400 as 5 waves down could be completed from the July 18th highs.

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Blue line - bullish divergence

Magenta line - triangle wave 4

The Ethereum price has many chances of a bounce towards $400 from current levels. I would not trade the bullish side but I would take any profits from a short position. Price has most probably completed 5 waves down. The fifth wave also has an RSI bullish divergence. This supports our view for a bounce.

I'm expecting a short-term bounce at least.

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