Ethereum Faces More Downside as Wave Five Decline Unfolds

Ethereum is moving lower on the daily chart, likely unfolding a five-wave bearish impulse toward the 1300 support area or potentially even lower. As such, further weakness is expected in wave 5 following the wave 4 pullback. On the 4-hour chart, it may have completed an ABC correction within wave 4 due to the broken channel support line, especially if it's unfolding a five-wave bearish cycle down below the 1900 area. Currently, it can be finishing wave (3), so be aware of a new wave (4) correction that can revisit the 2150 resistance area before a bearish continuation within wave (5).

Alternatively, it can be also finishing wave (C) of B as part of a larger ABC flat correction, but wave C rally can be expected only if the market suddenly rallies back to 2250 area.