Ethereum (ETH): MACD Temporary Pierce of lower Trendline Likely

SUMMARY

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The H&S Top patern for Ethereum (ETH) is progressing as shown below. The red ABC outlines the projected correction towards $481 to $461 or so. That would equate the level of 0.78 Fib level retracement. Red A is sublabled with blue abc and red C with blue 1,2,3,4,5 of which wave 4 is likely in progress and 5 should aim for the 0.78 Fib zone.

The longer term remains little changed. The red ABC is included to outline the minor, healthy correction towards 0.781 Fib (white circle). The MACD should turn up once red C is complete and until then, a temporary pierce of the lower blue trendline is likely.

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