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ETH is currently trading within a range and appears to be in a distribution phase, indicating a potential retracement. There are two possible scenarios to consider. The first scenario involves a pullback of around 50 to 618% from the current range before moving higher, known as the light blue route. The second scenario suggests a retracement to establish equal lows followed by accumulation to support a move towards higher highs, referred to as the dark blue route. In terms of its correlation with DXY, the dollar index is currently expanding on a micro level and forming the 4th leg of a bearish Elliott wave pattern on a macro scale. Once this 4th leg is completed, a retracement is anticipated. Therefore, exercising patience is key as the market dynamics unfold. This period may present buying opportunities in the crypto market as assets potentially go on discount.
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ETH short position unfolding, albeit at its own pace.
