The Elliott wave view in Ethereum (ETHUSD) suggests the decline from November 10, 2021 high is unfolding as a double three Elliott Wave structure. Down from November 10 high, wave (W) ended at 3470.02 and rally in wave (X) ended at 4493.59. Wave (Y) lower is in progress with internal subdivision as a zigzag Elliott Wave structure. Down from wave (X), wave A ended at 3640.60 with the internal of a diagonal. Wave ((i)) of A ended at 3833.66 and rally in wave ((ii)) ended at 4177.62. The crypto currency then extends lower in wave ((iii)) towards 3669.48 and rally in wave ((iv)) ended at 3900.94. Final leg lower wave ((v)) ended at 3640.60 and this completed wave A.
Rally in wave B ended at 4155 with internal subdivision as a zigzag. Up from wave A, wave ((a)) ended at 4094.78 and pullback in wave ((b)) ended at 3695.19. Final leg higher wave ((c)) ended at 4155 and this completed wave B. Wave C lower is currently in progress as a 5 waves impulse. Near term, expect a few more lows before ending wave ((i)) of C. Then Ethereum should rally in wave ((ii)) to correct the decline from December 23 wave B high before the decline resumes. As far as pivot at 4493.59 high remains intact, expect the crypto currency to continue to extend to the downside. Potential target lower is 100% – 161.8% Fibonacci extension from November 10, 2021 high which comes at 2234 – 3098.