ETH- Moving up in waves (Elliott Wave 4h chart)

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
In my last post, I gave an idea explaining how Ethereum is attempting to form a cup pattern. With an upcoming hard fork it seems possible for ETH to push the price closer to completing the cup but obviously Bitcoin movement will play a key role.

In my last analysis I noted that the double top ceiling is a key level to break and that if we do break it, we'll most likely see a regression back to the $150s then a subsequent rally up. So now's a good time to enter I believe.
Next short-term challenge is to break the $165 mark, the previous high of this week and a push up to the $180s wouldn't be that difficult. A fall below $150 will bring in the bear sentiments so beware of that level.
I also drew two Elliott Wave patterns, 1-5 indicates the mid-term movement and I think there's a good chance that wave 3 will happen by January 14th for the hard fork. A-E waves are short-term waves within the 1-5 waves. Let's see how this plays out.

Remember the current big goal for ETH is to complete the cup formation.

Share your opinion in the comments!
Jan 05
Comment: Previous Ethereum analysis

Jan 07
Comment: The price is still at $150s as expected, but a move down to the 140s would be dangerous and I would wait for a clear signal up, a break above $165 approximately.
We need a push up right about now, so keep a close eye.


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