From last Tuesday when the price of Ethereum was sitting at around $143.21 at its lowest point, measured to $186.41 which is the highest point the price has been on Monday and is the weekly high so far, we have seen an increase of 30.1%.
From yesterday’s high the price has fallen by 5.53% to yesterday’s low at $177.13 on FXOpen UK but started moving upwards again and is currently sitting at around $181.
With the price of Ethereum making a higher high compared to Wednesday’s one, we have likely seen the development of the 5th impulse wave out of the five-wave move to the upside. As the 5th wave hasn’t ended (indicated by the wave structure), another increase is expected before we see the start of the downtrend developing.
The price is expected to go to the 1.272 Fibonacci level which is in price terms at $194 but after it ends a move to the downside would be expected to start. This downside movement could be the start of the trend continuation if the seen increase was corrective in nature which I think it was, or it could be another retracement before further upside movement.
In either way, we are soon most likely to see the start of the downside movement from whose momentum and depth we are to see the likelihood of the projected scenarios.
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