Cryptos are not bullish until new ATH
Updated
I've found this similarity between the dot com bubble chart (NASDAQ) and Eth (same with BTC for that matter). I'm not an Elliot Wave specialist but the basic principle in this case is establishing a new ATH to call it a full blown bull market. Otherwise there's still a great potential for a downturn.
According to the Elliot Wave principles we may be in the B wave.
"Wave B: Prices reverse higher, which many see as a resumption of the now long-gone bull market. Those familiar with classical technical analysis may see the peak as the right shoulder of a head and shoulders reversal pattern. The volume during wave B should be lower than in wave A. By this point, fundamentals are probably no longer improving, but they most likely have not yet turned negative"
According to the Elliot Wave principles we may be in the B wave.
"Wave B: Prices reverse higher, which many see as a resumption of the now long-gone bull market. Those familiar with classical technical analysis may see the peak as the right shoulder of a head and shoulders reversal pattern. The volume during wave B should be lower than in wave A. By this point, fundamentals are probably no longer improving, but they most likely have not yet turned negative"
Note
And when you zoom out you get this
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