Tag Archives: fibonacci retracement level

Nasdaq Elliott Wave: Wave 4 support

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Executive summary Trend bias: Wave 4 temporary correction. Key support level: 23, 854 22, 521. If correct, wave 5 could rally to 25, 950-27, 301. Back on October 7, we analyzed Nasdaq 100 (NDX) and the diverging RSI hinted of an incoming bearish reversal. Turns out, there was a relatively small reversal on October 10 at -3. 5% that was quickly retraced and led to new all-time highs. Then, beginning October 29, NDX began another decline of nearly -8. 9%. The structure of the decline hints that it is a corrective decline eventually leading to new all-time highs. Current Elliott Wave analysis Our Elliott wave analysis of the Nasdaq 100 (NDX) chart hints the rally that began in April has reached the end of its 3rd wave. The 3rd wave of an Elliott wave impulse pattern needs to subdivide in 5 waves and we can count those waves in place from the April 21 low labeled ((i))-((ii))-((iii))-((iv))-((v)). This suggests the correction from October 29 is wave 4 of a larger 5-wave impulse pattern. Wave 4 and wave 2 are cousin waves. they are similar, but tend to alternate in qualities. They should be similar in the depth of their corrections. Wave 2 of the impulse pattern (in April 2025) corrected -8% as a zigzag pattern. Wave 4, so far, has corrected about -8. 9%, similar to wave 2. Additionally, wave 4 has reached the 23. 6% Fibonacci retracement level of the distance of wave 3 (not pictured). This is common for wave 4 to correct between 23-50% of wave 3. Lastly, the decline from last week has reached horizontal support from the previous 4th wave symmetrical triangle pattern. As a result, the decline to the Friday, November 21 low, may be all or part of wave 4. When wave 5 begins, we anticipate a rally that may reach 25, 950, 27, 301, and possibly 29, 635 based on common Fibonacci extension ratios. Bottom line The structure of the decline in NDQ appears to be of a corrective pattern. Therefore, the decline is forecasted to be temporary in wave 4 and lead to a new high in wave 5. Wave 5 targets include 25, 950 27, 301.
https://bitcoinethereumnews.com/finance/nasdaq-elliott-wave-wave-4-support/

Red alert: Ethereum price is slowly forming a risky pattern

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**Ethereum Price Remains Under Pressure as Sentiment Wanes**

Ethereum (ETH) has remained on edge over the past few months. After surging to a year-to-date high of $4,945 in August, its price has pulled back sharply to the current level of $3,412. Much of this decline comes as overall sentiment in the crypto industry has weakened, with the Crypto Fear and Greed Index dropping into the “fear” zone at 25.

Investor caution has led to a continued reduction in ETH positions, as reflected by recent market data. Notably, inflows into Ethereum ETFs have slowed considerably—a clear sign that demand is waning following a major liquidation event in October. Spot Ethereum ETFs shed over $507 million last week, after adding $15.7 million the week before. In fact, there have now been net outflows for three consecutive weeks, with cumulative net outflows decreasing from nearly $15 billion earlier this year to $13.86 billion.

Ethereum’s price has also tumbled as investors have cut back on leverage. Futures open interest—a key indicator of leveraged positions—has slid dramatically, dropping from a peak of $70 billion in August to just $39 billion today. This weakness in the futures market is notable, as futures trading remains one of the most active segments in crypto. Volume in the spot market has also continued to decline over the same period, further underscoring waning investor enthusiasm.

The situation is compounded by trouble among Ethereum treasury companies. Major ETH holdings companies like BitMine, SharpLink, and ETHZilla have seen their stock prices plunge recently. ETHZilla, notably, has even sold some of its Ethereum holdings to fund share buybacks. With NAV multiples falling, there is growing risk that these companies may slow ETH purchases—or even sell additional tokens—in the coming weeks.

**Technical Analysis Signals Further Downside Ahead**

From a technical perspective, Ethereum may be poised for further declines. The coin looks set to form a “death cross” pattern, as the spread between the 50-day and 200-day Weighted Moving Averages narrows. ETH is also in the process of forming a bearish pennant pattern, characterized by a sharp drop followed by a symmetrical triangle consolidation.

Another bearish signal: ETH has dropped below the 38.2% Fibonacci Retracement level, suggesting that support is weakening. If selling pressure continues, Ethereum will likely break down to the 50% retracement point near $3,100, with the key psychological support at $3,000 potentially coming into play.

**Conclusion**

With sentiment deteriorating, demand slowing across ETFs and futures markets, and technical signals turning more negative, Ethereum price faces significant headwinds. Investors should closely monitor these developments, as a decisive move below key support levels could accelerate the current downtrend.
https://crypto.news/red-alert-ethereum-price-is-slowly-forming-a-risky-pattern/