From Tuesday when the price of Ethereum was sitting at its highest point of the week which was at around $177 the price has decreased by little over 8% measured to today’s low at $162.8 on FXOpen UK.Ethereum
The decrease was made to the 0.786 Fibonacci level which served as support so after an interaction a small recovery has been made to the $167.26 but again the price got back to the Fib level for another retest of support.Fibonacci
On the hourly chart, you can see that this decrease labeled as the ABC correction which is the 2nd wave of a higher degree impulse to the upside. This is due to the fact that the price of Ethereum most likely ended its three wave correction on 15th of April as I have counted three consecutive corrective structures.chart
This might get proven wrong if the price continues moving below the starting point of the presumed 1st wave which is at $159. If the price continues its downward trajectory another significant ascending trendline will get broken which would prove a different outlook.
For now, the price looks like it found support so if we see an immediate increase it would validate my projection, but if we see further downside that could mean that the previously labeled three-wave correction got prolonged by two more waves with the last one being the Z wave.
From there I would be expecting another increase which will be the 5th wave of the Minor count, but if the second Minuette ABC was the 5th wave (which I don’t believe that I was since it looks more corrective then impulsive) this could be the start of the higher degree movement to the downside.