Short Term Elliott Wave view in Ethereum (ETHUSD) suggests the rally from 6.18.2022 low is unfolding as a 5 waves impulse structure. Up from 6.18.2022 low, wave (1) ended at 1281.43 and wave (2) pullback ended at 996.12 Ethereum then rallied in wave (3) towards 1663.65, and dips in wave (4) ended at 1356. Internal subdivision of wave (4) subdivided as a zigzag Elliott Wave structure. Down from wave (3), wave A ended at 1496.67, wave B ended at 1554.16, and wave C ended at 1356.26.
Wave (5) rally is currently in progress as another impulse in lesser degree. Up from wave ((i)) ended at 1458.36 and dips in wave ((ii)) ended at 1421.34. Ethereum then extended higher in wave ((iii)) towards 1677.51 and pullback in wave ((iv)) ended at 1594.80. Final leg higher wave ((v)) ended at 1785.52 which completed wave 1. Wave 2 pullback is now in progress to correct cycle from 7.26.2022 low in 3, 7, or 11 swing before the next leg higher. As far as pivot at 1356.26 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
ETH/USD 60 Minutes Elliott Wave Chart
ETH/USD Elliott Wave Video
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