E Ethereum’s Triangle Suggests More Weakness

Cryptocurrencies are more or less in positive correlation, but what is interesting is that many of them can be forming a bearish triangle, but we will focus on Ethereum.

Triangle corrections are a five-wave A-B-C-D-E sideways movements, where each wave has three legs a-b-c. As you can see Ethereum is making a perfect triangle correction, which is a continuation pattern, so we can expect more weakness towards new lows

That said, watch out for a drop soon, ideally here around 220-230 resistance area, just keep in mind that we need a break below 200 region to confirm our view. But, if from any reason goes impulsively higher above 256 region, then we may consider more complex correction.

ETHUSD, 1H