Ethereum is an open-source blockchain-based in addition to a decentralized platform featuring smart contract functionality and ETHUSD is the value token of the Ethereum blockchain against US Dollar.
Down from 01/13/2018 peak $1424 the pullback in Ethereum is proposed complete in wave “(b)” as a Flat structure at 12/07/2018 low ( $83). Up from there, expect Ethereum to extend higher in the next Daily cycle higher.
Now, cycle from 12/07/2018 ($83) ended at 06/27/2019 peak ($363.60) in wave ((1)). Down from there, wave ((2)) pullback remain in progress as double three structure where wave (W) ended at $191 low. Wave (X) bounce ended $240.13 high and wave (Y) is looking to extend lower towards $133.22-$107.96 area before upside resume. Near-term, while bounces fail below $240.13 high expect Ethereum to extend lower.
ETHUSD 4H Chart 8.27.2019