Ethereum Elliott Wave technical analysis [Video]

Elliott Wave Analysis TradingLounge.

Ethereum/ U.S. dollar(ETHUSD).

ETH/USD Elliott Wave technical analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave C

Direction next higher degrees: Wave II

Details: ETH appears to be in the final stages of Wave II, which is subdividing into an “ABC” correction. Wave (C) is in progress, with a potential downside target near the 0.618 Fibonacci retracement level ($2,891.52).

Ethereum/ U.S. dollar (ETHUSD) Trading Strategy: ETH is likely heading toward the $2,891–$2,829 support zone to complete its Wave II correction. A reversal in this area would indicate the start of Wave III and a resumption of the bullish trend.

Holding above $2,891 is critical to maintaining the integrity of the wave structure and avoiding an extended correction. A break above $3,600 would confirm the end of the correction and the start of a new impulsive wave.

ETH/USD Elliott Wave technical analysis 

Function: Counter Trend.

Mode: Corrective.

Structure: Zigzag.

Position: Wave C.

Direction next higher degrees: Wave II.

Details: ETH appears to be in the final stages of Wave II, which is subdividing into an “ABC” correction. Wave (C) is in progress, with a potential downside target near the 0.618 Fibonacci retracement level ($2,891.52).

Ethereum/ U.S. dollar (ETHUSD) Trading Strategy: ETH is likely heading toward the $2,891–$2,829 support zone to complete its Wave II correction. A reversal in this area would indicate the start of Wave III and a resumption of the bullish trend.

Holding above $2,891 is critical to maintaining the integrity of the wave structure and avoiding an extended correction. A break above $3,600 would confirm theend of the correction and the start of a new impulsive wave.

Ethereum Elliott Wave technical analysis [Video]