Ethereum Macro Analysis - Consolidation And Move Up
Ethereum Macro Analysis
Looking at BTC pairs, Ethereum is currently lagging behind the market leaders Litecoin and BNB, but it will come around. Alts Season is coming with Ethereum usually peaking after Bitcoin.
Litecoin will likely reach new highs first, while Bitcoin is consolidating.
Key Upcoming Events:
- Jul 22 BAKKT Test net launch
- Aug 6 Litecoin Halving
- Next Week - Facebook Libra Stable Coin Presentation, backed by Visa and other majors
Based on Elliott Waves, Pitchforks, Fibs and S/R Levels/Zones,
Key Targets:
Target 1: 450
Target 2: 550-600
Major Resistance: 380
Ethereum has cleared only the first target from previous analysis, unlike overperforming Litecoin that broke both levels.
We are currently trying to cut through the last HVN on the way up - consolidation below a major resistance is bullish.
Prediction: sideways consolidation, possibly triangle, then move up. Not an WXY, not wave 4 - will likely slice through 380.
No major correction till Aug 1, a break of parabolic trend with correction to prev HVN 220 is possible before the next major move up.
Note: the whole wave structure could be a series of running flats which is indicative of an up trend and imply higher targets.
Good Luck! Trade carefully! Not a Financial Advice.
Looking at BTC pairs, Ethereum is currently lagging behind the market leaders Litecoin and BNB, but it will come around. Alts Season is coming with Ethereum usually peaking after Bitcoin.
Litecoin will likely reach new highs first, while Bitcoin is consolidating.
Key Upcoming Events:
- Jul 22 BAKKT Test net launch
- Aug 6 Litecoin Halving
- Next Week - Facebook Libra Stable Coin Presentation, backed by Visa and other majors
Based on Elliott Waves, Pitchforks, Fibs and S/R Levels/Zones,
Key Targets:
Target 1: 450
Target 2: 550-600
Major Resistance: 380
Ethereum has cleared only the first target from previous analysis, unlike overperforming Litecoin that broke both levels.
We are currently trying to cut through the last HVN on the way up - consolidation below a major resistance is bullish.
Prediction: sideways consolidation, possibly triangle, then move up. Not an WXY, not wave 4 - will likely slice through 380.
No major correction till Aug 1, a break of parabolic trend with correction to prev HVN 220 is possible before the next major move up.
Note: the whole wave structure could be a series of running flats which is indicative of an up trend and imply higher targets.
Good Luck! Trade carefully! Not a Financial Advice.
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