Technical market overview:
The ETH/USD pair has been trading inside of the consolidation zone located between the levels of 135.00 - 140.00 and it does not look like the bulls are strong enough to move any higher than this. Moreover, from the Elliott Wave Principle point of view, the market can still develop another leg down as there is a scenario in which there is unfinished wave C of the wave X to the downside. In that case, the overall pattern for wave C would be a massive Ending Diagonal pattern with a low below the level of 122.22. Another bearish clue is the lack of any movement above the red technical resistance zone. Patience is required, as often during the correction on the market.
Weekly Pivot Points:
WR3 - 152.52
WR2 - 146.84
WR1 - 137.53
Weekly Pivot - 130.71
WS1 - 121.63
WS2 - 115.38
WS3 - 106.41
Trading Recommendations:
All sell orders from the last week should be still kept open with a target set at the level of 116.15. The protective stop loss orders should be moved to the level of 140.90. Any violation of this level will invalidate the downward cycle scenario.
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