Cycle from 9.11.2022 low in Ethereum (ETHUSD) is in progress as a 5 waves impulse Elliott Wave structure. Up from 9.11.2022 low, wave 1 ended at 1714.10. Wave 2 dips is currently ongoing with internal subdivision as a zigzag Elliott Wave structure. Down from wave 1, wave (i) ended at 1605.6 and rally in wave (ii) ended at 1696.90. The crypto currency extends lower in wave (iii) towards 1492.30 and rally in wave (iv) ended at 1548. Final leg lower wave (v) ended at 1463.20 which completed wave ((a)) in higher degree.
Rally in wave ((b)) is now in progress to correct the cycle from 2.2.2023 high. Internal subdivision of wave ((b)) is unfolding as a zigzag Elliott Wave structure in lesser degree. Up from wave ((a)), wave (a) ended at 1520.20, and pullback in wave (b) ended at 1492.30. Expect wave (c) to extend higher and fail below 1715.45 for further downside. Near term, as far as pivot at 1715.45 high stays intact, expect short term rally to fail in 3, 7, or 11 swing for further downside in wave ((c)) of 2. Afterwards, Ethereum should resume higher again as far as 9.11.2022 low at 1071.5 holds.
