Ethereum has continued to trend sideways unable to break through the resistance around $390, leaving it in a bit of a crossroads. There is a series of higher lows, which could be forming in the context of a triangle. The trend since September looks like that of a consolidation rather than the impulsive move upward we have been waiting for.
Following Elliott Wave rules, the current waves labeled a, b, c, d, e are simplest to count as 3-waves which suggests ETH is currently in a sideways correction. If ETH does form a triangle, the move following (probably downward) is likely to end the corrective pattern.
An alternative interpretation would label a as 1, b as 2, and c as a part of a developing wave 3. This was the previous outlook but at this point it’s unclear which is more likely. A clear, sustained break above 400 would rule out the triangle.
Happy Trading!