Ethereum Faces Potential Price Drop to $530 Based on Elliott Wave Analysis

Ethereum's price has struggled below $2,000 for the past week, facing downward pressure since early March. According to a TradingView analysis posted on an unspecified date, using Elliott Wave theory, a bearish ABC correction pattern suggests a potential decline to between $760 and $530. This pattern, ongoing since November 2021, indicates that after breaking below $2,500 in late February, Ethereum is entering wave C, a prolonged downward leg. The analyst, known as behdark, identifies potential support zones between $1,350-$1,080 and $760-$530. However, a daily close above $2,941 would invalidate this bearish outlook.