Hey Traders,
Hope you're having a great weekend!
The 4-hour chart of ETHUSD shows that the rally from $102.78 to $170 can actually be seen as a textbook five-wave impulse in wave (i) "blue" of 3.
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According to the Elliott Wave Principle, a three-wave correction in the opposite direction follows every impulse pattern. And indeed, the rest of the chart reveals an a-b-c zigzag correction in wave (ii) that terminated at 61.8 Fib ratio that lined up with support level + moving averages.
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Considering that there is a complete 5-3 cycle to the north. Fortunately for Ethereum hodlers, this means another rally to around $260 can be expected in wave 3 from now on.
.
What's your thought about Ethereum? Kindly let me know in the comment.
.
Thanks for reading!
Veejahbee.
Hope you're having a great weekend!
The 4-hour chart of ETHUSD shows that the rally from $102.78 to $170 can actually be seen as a textbook five-wave impulse in wave (i) "blue" of 3.
.
According to the Elliott Wave Principle, a three-wave correction in the opposite direction follows every impulse pattern. And indeed, the rest of the chart reveals an a-b-c zigzag correction in wave (ii) that terminated at 61.8 Fib ratio that lined up with support level + moving averages.
.
Considering that there is a complete 5-3 cycle to the north. Fortunately for Ethereum hodlers, this means another rally to around $260 can be expected in wave 3 from now on.
.
What's your thought about Ethereum? Kindly let me know in the comment.
.
Thanks for reading!
Veejahbee.