EW Analysis: ETHUSD May Face Strong Resistance
Hello traders!
Today we will talk about Ethereum (ETHUSD), its price action from technical point of view and wave structure from Elliott Wave perspective.
Well, BTC is in a massive rise but this is mainly because of BTC.Dominance, which is after a long time, finally back in the game and it can be just the beginning of a new cycle. That's why ALTcoins, such as ETH and others are in a slow recovery mode, which we see it as a correction.
As you can see, ETHUSD has slow and corrective (a)-(b)-(c) structure in wave "b" and it's right now approaching strong 400-420 resistance area around that resistance line of a corrective channel and important 50%- 61,8% Fibonacci retracement. So, watch out at this stage, because wave (c) can be forming a potential ending diagonal and we know how powerful wedge patterns are.
If we are on the right path and ETH turns sharply and impulsively down from projected resistance zone, then it could be easily headed even lower as part of a deeper a-b-c correction down to 255 - 215 support zone.
Good luck and trade well!
If you like what we do, then please support us with a like and share!
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.
Today we will talk about Ethereum (ETHUSD), its price action from technical point of view and wave structure from Elliott Wave perspective.
Well, BTC is in a massive rise but this is mainly because of BTC.Dominance, which is after a long time, finally back in the game and it can be just the beginning of a new cycle. That's why ALTcoins, such as ETH and others are in a slow recovery mode, which we see it as a correction.
As you can see, ETHUSD has slow and corrective (a)-(b)-(c) structure in wave "b" and it's right now approaching strong 400-420 resistance area around that resistance line of a corrective channel and important 50%- 61,8% Fibonacci retracement. So, watch out at this stage, because wave (c) can be forming a potential ending diagonal and we know how powerful wedge patterns are.
If we are on the right path and ETH turns sharply and impulsively down from projected resistance zone, then it could be easily headed even lower as part of a deeper a-b-c correction down to 255 - 215 support zone.
Good luck and trade well!
If you like what we do, then please support us with a like and share!
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:
ETHUSD is trying to turn down from projected resistance area, so watch out for more weakness in the upcoming days/weeks.
