Ethereum, aside from Chainlink, is the best performing cryptocurrency in the top ten by market cap. The top-ranked double-digit prices after the recent rise to just under $500 per ETH, but had you told investors that bought the top in early 2018 wouldn’t have expected a four-digit a strong showing in 2020.
The asset class is the top-performing basket of investments, beating out stocks, gold, and more. DeFi helped carry the market out of the gutter, caused Bitcoin to break above $10,000, and Ethereum to set the first higher high since its all-time peak.
But one crypto trader well versed in Elliott Wave Theory believes there’s a possibility that Ethereum returns to double-digits. Worse, yet a lower low as deep as just $20 is possible, according to the bearish wave count.
Elliott Wave Theory is a polarizing trading technique, with both as many believers are there are pundits. Elliott Wave Theory believes that markets, driven by human emotion, moves in impulsive or corrective waves in varying degrees.
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Impulse waves are typically divided into five smaller sub-waves, while corrective waves are three. Like all technical analysis, charts are up for interpretation and should only be used to consider probabilities.
While it isn’t impossible for Ethereum to return to such low prices, after the recent showing in 2020, the probabilities are low. And even the trader himself argues that the top This article was originally published by Newsbtc.com. Read the original article here.