ETH rounded bottom

30 sept 2022

Ethereum appears to be forming a rounded bottom over the past few weeks. If this is to be the case we should see price start to pick up over the weekend with a price target of around 1772. Once the structure is complete I would expect a correction to last 2-3 weeks with a price target of around 1434 which would be the .618 retracement of the prior move. The invalidation level for this count is at 1258.13. With the Bank of England already announcing the start of quantitative easing how much longer do you think until the federal reserve is forced to do the same. Markets are forward looking and I think it's already noticing the inevitable shift to more accommodative monetary policy. Over this week we've also seen the DXY have somewhat of a blowoff top move which could signal an interim top and period of consolidation/correction for the next several months. Not too mention due to Ethereum's latest upgrade, emissions have decreased by 98% per day, soon Ethereum will become a deflationary currency, only strengthen its fundamentals.