ETH/USD in an upward trajectory

From yesterday’s open at $108.72 the price of Ethereum has fallen by 4.8% at first as it came down to $103.71 at its lowest point. Since the interaction with the 0.236 Fibonacci level, the price has started recovering and is now in an upward trajectory with the recovered 2.7% today as its currently sitting at $106.54 on FXOpen.

Looking at the hourly chart, you can see that the price is still in its last stage with more move to the downside expected before a reversal as an upward move was the 4th wave of a Minuette count, which is the 5th impulsive wave of the Minute count and is the ending point of the Minor WXYXZ correction.

The expected price target would be slightly below the prior low level at around $102. The price could end up at the 0.236 Fibonacci level as the 5th wave could end on the vicinity of the 3rd wave’s ending point especially if the move is bearish, in that way establishing support at one horizontal level.

After the last downward move, a reversal would be expected as the Minor WXYXZ correction is the X wave for an intermediate count.