
Must Read: Understanding The Elliot Wave Count for Ethereum and Why we are Still so Long Term Bullish.

The Ethereum market is currently crashing and it is dragging the whole Altcoin markets down with it. But what is the bigger picture for Ethereum and are the bulls still in play?
In this ETH analysis, we will be breaking down the Elliot wave count for the ETH price, and answering the questions; why is ETH is selling off, how much lower can it get, and why this current sell-off does not indicate the end of the Ethereum bull run
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ETH Wave 4 Pull Back Before The Next Massive Leg Up. Get Ready!

The Ethereum price is still in a massive uptrend on the Daily timeframe. However, within this uptrend, we expect to see price pull back every now and then. And right now, we believe the ETH price is in a pull back phase.
The key level to keep a close eye on is the $3,308 key support level on the Daily timeframe. There is a very high probability that we might see the ETH price sell-off towards this price region before we a see the price bounce and begin to rally again.
This ETH retracement phase is the wave 4 pull back of the over all Elliot wave count. And once this pull-back phase is over, we expect to see Ethereum resume its massive push to new ATHs.
Final Verdict!
The ETH bulls are still in full control of this market. However, the current ETH price sell-off we are witnessing is a quick profit taking going on after the Elliot wave 3 was completed.
Once this profit taking phase is over, we believe it will coincide with the end of wave of 4 and the start of the new push higher for the ETH price.
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