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Ethereum Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

ETH/USD – Elliott Wave technical analysis

Function: Follow trend.
Mode: Motive.
Structure: Impulse.
Position: Wave 3.
Direction next higher degrees: Upward.
Wave cancel invalid level: $1,380.

ETH/USD trading strategy

After completing its recent corrective phase in March, Ethereum has started a new uptrend. The Elliott Wave outlook shows a developing three-wave bullish structure. The previous W–X–Y corrective formation ended at $1,380. With waves (1) and (2) complete, ETH appears to be entering wave (3), which could extend to the Fibonacci 261.8% level, targeting around $2,478.18.

Trading strategies:

Strategy

For swing traders (short-term): Look for a small dip and reversal signal to consider entry.

Risk management

Watch the invalidation level at $1,380.

ETH/USD – Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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