Altcoin Ethereum could fall to $ 50 according to Elliot Wave Theory

Altcoins are particularly vulnerable to major market fluctuations. Otherwise it is not even with the biggest altcoin Ethereum. According to Elliot Wave Theory, which is often used by traders to find the bottom, could fall to $ 50.

Altcoins: Will the massacre of the past years be repeated?

Altcoin Ethereum fell by tens of percent during the last drop. Its value dropped to $ 80, which has long been an unseen price. The cryptocurrency erased all of its profits from 2020, which began hopefully for the cryptocurrency scene.

Elliot wave theory is often used to find the bottom. The theory describes, with the help of a candle, a repeated phenomenon in which an asset falls within certain waves, which are often similar in length and number. It is this theory that the famous analyst Cryptotoad decided to use in his analysis.

$eth update:

I believe #ethereum is in a wxy correction and just about to finish wave A of Y.

imo wave B will take a long time to develop after which my bottom target lies between $40 and $59.

~$50 #eth sounds unbelievable, but that's my bottom target nonetheless#crypto pic.twitter.com/W7NLn4mk5U

— Cryptotoad (@Mesawine1) March 22, 2020

Such a drop would be unprecedented in the cryptocurrency market. However, as the coronavirus crisis develops, this scenario is also in play.