In our previous update, we showed that per the Elliott Wave (EW) Principle, Ethereum (ETH) was completing five waves lower for the redWave-c (W-c) as part of the large black W-4. See Figure 1 below. In this case, the 4th wave is a running flat where the red W-c failed to go below the red W-a. Besides, from a technical pattern perspective, we also showed Ethereum is most likely forming a Bull flag pattern (black dotted lines). The flagpole was the rally from the 2020 low to the 2021 ATH. The flag is the sideways 4th wave pattern, and a breakout can then target $6000+, assuming last month’s low holds, which we believe it will.
