ETHUSD with support at 2387-2200 on dips

Ethereum has seen a sharp reversal lower over the last two days from 2,546, which could mean that Ethereum has stepped into a new counter-trend movement. It could be another fourth wave, but of course, we have to be aware of a potentially deeper retracement here. We see some nice support around 2,338–2,220, where the market could stabilize and later see another jump higher for wave five. Also, when comparing the duration of wave two with the current wave four, there is a chance that the market could stay in this intraday consolidation for another day or two. Overall, this is still a bullish pattern, and we think that more upside will be seen after the pullback while Ethereum stays above the 2,000 invalidation level.
 

GH