BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
ETH looks ready to move and start the 5th and final leg of the bull market. In my opinion, we have ahead a fun year extending till q2 of 2022. As you can see I layout the different waves from the start of this cycle. The 3rd wave was overextended and the corrective wave, the one we are in now and I suspect it just ended it the perfect EW target of 0.236 retracement of the 3rd wave. Here it comes the real final target for ethereum for the last leg up is 20k ish . This is in line with the EW rules for market cycles. Now why I believe we have probably concluded the corrective wave? Because on the daily and 4h timeframe ethereum just formed a classical reversal pattern... DOUBLE BOTTOM . The short term for ethereum is set at 3100...Unfortunately for many of you, as I lay out in my past analysis, you will never see again 2000 USD for eth. Now we need a confirmation of the break of the neckline at 2366. When this will be break then 3100 will be the target (29% profit). I suggest for those of you late to the party wait for a clean break of the neckline and retest before entering, this should be happening in the next day or two. When eth will touch the 3100 I believe it will extend to 3400 before retrace to 2500 (this will be your last opportunity to enter eth). It is gonna be fun...if you have followed me you may now sit on 20% profit already, and now looking at a cool 50% when 3100 will be touched, I will lock some profit at that level and looking to renter at 2500-2600. the first target for the next leg up is 9k for eth and Just remember the final target is 21k, so you are still early!
Remember no financial advice, educational purposes only.
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