ETH is currently in the neutral zone, so we are tracking two counts at this stage. As a primary count, this could be actually still an (A)-(B)-(C) correction within wave 4 of a daily ending diagonal pattern that can be now followed by a new three-wave (A)-(B)-(C) rally which can still retest the highs and potentially 5k area for the final wave 5. However, if bears are too strong and if ETH goes back below that 3500 spike level, then keep an eye on secondary count, where we are looking for a bearish five-wave impulse as part of a daily expanded flat.
Ethereum 4h Elliott Wave Analysis
XRPUSD is making bigger intraday recovery in the 4-hour chart on speculation for winning the case vs SEC, but ideally just a complex (W)-(X)-(Y) corrective rally only in wave 2. So, bears are still in control for now with room for much more weakness within a five-wave cycle, but probably after a retest of 1.00 – 1.10 resistance area. However, keep in mind that we are still tracking two daily counts at this stage..
