Elliott Wave Analysis: ETHUSD Is Trading In Wave C

Hello Crypto traders!

Today we will talk about Ethereum , its price action from technical point of view and wave structure from Elliott Wave perspective.

ETHUSD is in recovery mode and from Elliott Wave perspective we can see a three-wave A-B-C Elliott wave corrective rally in progress. The main reason why we are looking for a corrective rise is because of wave B Elliott wave triangle in the middle. Triangles cannot occur in wave 2, so it should be an A-B-C.
Wave C is a motive wave and it should be completed by a five-wave cycle, where final wave (5) of C is still missing.

So, from technical point of view, we can easily see more gains till the end of the week, ideally towards projected 3600-4000 resistance area , from where we will have to be aware of a reversal down again.

Be humble and trade smart!
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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

Comment: With current sharp decline, ETH may now have a completed five-wave cycle within wave C of an A-B-C corrective rally, so watch out because bears could be back in the game.