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Ethereum: A potential correction within the broader uptrend

Ethereum: A potential correction within the broader uptrend
Gregor HorvatGregor HorvatWavetraders

Ethereum is recovering strongly, up more than 30% and breaking well beyond the 2200 level, which looks like an impulse. After the recent projected subwave "iv" pullback, we saw a nice jump into the projected subwave "v" of 3. However, it looks like a spike up only, so it's now in a new higher-degree wave 4 correction that can ideally find the base here at the 2400-2200 support zone before continuing higher into wave 5. Bulls for wave 5 would step in above the 2615 level. Alternatively, wave 5 can also be in place in case of a stronger and impulsive decline.

eth4h
ETHUSD 4H Chart

An Elliott Wave five-wave bullish impulse typically unfolds as waves 1, 2, 3, 4, and 5 in the direction of the larger trend. Waves 1, 3, and 5 are motive waves, while waves 2 and 4 are corrective pullbacks, with wave 3 often being the strongest and most extended leg.

basicbullish
Basic Bullish Elliott Wave Impulse

For a detailed view and more analysis like this, you can watch below our latest recording of a live webinar streamed on September 14:

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Author

Gregor Horvat

Gregor Horvat

Wavetraders

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

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