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.
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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
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ETHUSD is trying to turn down from projected resistance area, so watch out for more weakness in the upcoming days/weeks.
Perfect structure. Just saw it, sold earlier within the same expectation. Retraced 62%, wave C of the flat equals 127% of wave A, diagonal is nice with the EWP rules. Great setup and great completion
arnnye27
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It won't go that low anymore, also trend looks bullish on 1W chart, still got plenty room for price to rise. I used EW strategy alote. Final C ends usually just below or near wave 4. Your C (at 220usd ) goes way to low, near to wave 2, this would invalidate Elliot Wave rules.
PolarHusk
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Testing Key Resistance now. let us see if the Bulls can hold. 🐻❄️🙏😊😃
StefanBode
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Because of PayPal News, maybe the correction is over and the new bull market is open. We will see and ready for both sites
Capitalchief
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I agree. I see it topping out around 420-450
With BTC potentially topping out at 14k.
But with ETH, the RSI is still pretty low (66) on the daily IMO