Today we are looking at the ETH/USD pair on a weekly timeframe and breaking down the Cycle (Black) degree in Primary (Purple) and Intermediate (Blue).
If we consider the impulse from October 2015 until January 2018 (812 days) as Cycle wave 1, can we say that December 2018 low is the end of Cycle wave 2? is possible that Wave 2 correction took more or less (just) 38% of Wave 1's time?
Let's assume that Wave 2 didn't complete in December 2018, and it lasts until March 2020 low, hence the time spent in Wave 2 is almost 1-to-1 with Wave 1.
If in the long run, this hypothesis is correct, I think we are in an incomplete Primary Wave 1 (Purple) of Cycle Wave 3 (Black), and currently in Intermediate Wave 4 (Blue) in the region of 23.6%-38.2% Fibonacci retracement, and at the lower boundaries of the Pitchfork.
If Intermediate Wave 1 and 5 will be similar, we will hit the Pitchfork 61.8% line which is around 10k. In addition, the current lower boundaries is 38% of the move (starting from $84 until 10k).
Long term forecast? Above 10k... much higher. Let's see what happens at the end of 2021 and in February 2023.
I have to admit that I haven't considered the Market cap 😂😂😂 - I will do in the next analysis, but for the time being, let's have some in the cold storage wallet 😊
do you even know what a market cap is?