ETH/USD Elliott Wave technical analysis [Video]

ETH/USD Elliott Wave analysis 

Function: Follow Trend.

Mode: Motive.

Structure: Impulse.

Position: Wave 2.

Invalidation level: Not specified.

Ethereum's price rallied strongly through May, reaching a peak at $2,790. According to our Elliott Wave count, this marks the completion of Wave I, indicating the onset of Wave II, a corrective phase. Typically, this correction is deeper and lasts longer than the previous impulse wave.

• Swing trade opportunity (Short-term traders)
  Monitor for a reversal within the $1,830 to $2,000 support zone. Entry confirmation requires visible buying activity.

• Risk management
  Stop-loss level: Not Available

ETH/USD Elliott Wave analysis

Function: Follow Trend.

Mode: Motive.

Structure: Impulse.

Position: Wave 2.

Invalidation level: Not specified.

This short-term view on the 4-hour chart aligns with the daily outlook. The correction from the $2,790 high indicates a classic Wave II pattern, offering swing trade opportunities as prices move lower toward key zones.

• Swing trade strategy
  Observe the $1,830–$2,000 price range for bullish reversal signs to confirm trade entry.

• Risk management
  Stop-loss level remains undefined.

ETH/USD Elliott Wave analysis [Video]