Ethereum: Hurst Cycles - 1st July 2022
ETH price moves sharply down from early June. With downside targets all but achieved in this bear market we look at identifying the potential larger degree cycle lows to come.
The generally sideways and meandering price action in Ethereum mid May to early June gave way to a bearish breakdown, as anticipated in the last report into ETHUSD. Resistance came at the 40 day and 80 day FLDs, prior to price sharply moving down and completing the 18 month FLD cross target at around 1300. With the 40 week and 18 month FLD targets now complete, the 18 month cycle is effectively over from a Hurstonian point of view. Further moves beyond the 18 month cross target are deemed to demonstrate a longer term underlying bearish trend from larger components. The obvious area of support for the end of this bear phase is the 4.5 year FLD (orange on long term chart) shown below.
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