Ethereum doesn’t look very different from Bitcoin and they both seem to be doing the same thing.
In the weekly chart, we see Ethereum in a complex correction (W-X-Y-X-Z) and ETH seem to be in last leg (Z) or correction which seem to be forming as abc out of which a and b look complete. Minor wave c down should be a 5 wave impulse and we currently seem to be in wave iii of c, after which we should get a minor pullback in wave iv followed by last down move in wave v. This should complete the ongoing correction.
Chances of seeing sub-1000 levels are very high in wave Z. If I have to make a guess on downside, I would say we can expect ETH to touch or go near the low of Y which was around 880 before we see the upside resuming.
Having said that, I would be wary of the global macros and even though ETH may not fall much further down after Z, it could continue to remain in corrective mode (sideways) till there are any fresh triggers for it to resume the bull market along with BTC and other cryptocurrencies.
