Ethereum All Time Elliot Wave Analysis! Depressionary Period!?Historic Ethereum Elliot Wave Perspective: There is a valid wave count to suggest that a Primary Wave Cycle has been completed from the inception of the Ethereum asset in October 2015 to the All Time High at ~$5053, whereby 5 primary impulse waves have been completed with evident subwave structure as visualised on chart. This would suggest a change of market structure as never seen in Ethereum and in the Cryptocurrency Asset as prices since its beginning have never experienced prolonged depressionary periods.
Ethereum and majority of crypto assets will likely experience prolonged corrections in price and also time as never experienced before. From the ATH at ~5053 a 5 wave impulsive structure to the downside can be evident with clean subwave structure highlighting its validity; Ethereum aswell as Bitcoin appear to be in the Macro 5th wave to the downside from ATH's and look headed towards new lows. The Minor Wave 3 indicated in red pushed price to a ~1.618 fib extension of Wave 1 at ~$940 where price then recovered in a Minor Wave 4 correction notably tagging the 1.5 fib line of the Original Pitchfork which will likely forecast future prices.
Ethereum currently sits in the Minor Wave 1 to the downside; and has a strong confluence of areas where price will likely head to; looking at the subwave structure as to with Bitcoin it appears a possible hyperextended 5th wave is to be expected with a possible 1,2 , 1,2 formation in this 5th wave having occured. Notably the ~2.618 extension of Minor Wave 1 lies at ~$410 along with the 0.618 fib retracement of the PRIMARY 5th WAVE to ATH at ~$400; additionally, the pitchfork lower warning line also lies at this area. This is also a significant support area as indicated by the yellow circles where it has acted as an integral level, notably it acted as a spring for the distribution of the 3rd wave of the PRIMARY 5th wave.
Other levels where strong demand will come in also exist at the ~0.618 extension and ~0.786 extension of 0-3 at ~$700 & ~$521 respectively which also line up with integral support structures historically.
From a Minor 5th Wave bottom a likely A wave would have been completed where a B wave will likely retest the $1500-$1800 region before a C wave lower occurs. This provides a strong and unique trading oppurtunity as Ethereum will be extremely over sold at these levels and provides a good dollar cost averaging oppurtunity.
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