ETH/USD: Elliott Wave pattern shows room for new high

Gregor Horvat Wavetraders

Ethereum has been rising sharply over the last two weeks after only a three-wave retracement from all-time highs, so it looks like a textbook fourth-wave pullback within an incomplete bullish structure that is now ready to resume. We’re seeing a break and push beyond the upper line of the corrective channel, suggesting price is stepping into wave five, so more upside can show up in the weeks ahead.

Ideally, price could rise beyond 5000, possibly even toward 5336, where wave five could match the distance of wave two.

When it comes to potential trading setups, it may be interesting to watch for intraday retracements, especially if we see one while the market still trades below wave three highs. Then, opportunities could show up around the 4350–4500 support area.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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