TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Elliott Wave analysis: Ethereum recovered well from the 1620.15 level [Video]

Elliott Wave analysis: Ethereum recovered well from the 1620.15 level [Video]
Peter MathersPeter MathersTradingLounge

Ethereum Elliott Wave Analysis TradingLounge Daily Chart, 7 July 2023.
Ethereum/U.S.dollar(ETHUSD).
ETHUSD Elliott Wave Technical Analysis. 
Function: Reactionary(Counter Trend).
Mode: Corrective.
Structure: Zigzag.
Position: Wave (C).
Direction Next higher Degrees: wave ((2)) of Motive.
Details: Wave ((2)) is likely to end at the level of 1620.15 A five-wave rise from this point will support this idea.
Wave Cancel invalid level: 1620.15.

Ethereum/U.S.dollar(ETHUSD)Trading Strategy: Ethereum recovered well from the 1620.15 level and was able to form a strong five-wave structure, giving Ethereum the opportunity to form a new uptrend. Still, the price is still in the correction of wave (2), so wait for the reversal of wave (2) to complete to join the trend again.
Ethereum/U.S.dollar(ETHUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, Wave Oscillator are  bullish momentum.

Ethereum daily chart


Elliott Wave Analysis TradingLounge 4H Chart, 7 July  2023,  
Ethereum/U.S.dollar(ETHUSD)
ETHUSD Elliott Wave Technical Analysis 
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Zigzag
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))
Wave Cancel invalid level: 1620.15

Ethereum/U.S.dollar(ETHUSD)Trading Strategy: Ethereum recovered well from the 1620.15 level and was able to form a strong five-wave structure, giving Ethereum the opportunity to form a new uptrend. Still, the price is still in the correction of wave (2), so wait for the reversal of wave (2) to complete to join the trend again.

Ethereum/U.S.dollar(ETHUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are  bullish momentum

Author

Peter Mathers

Peter Mathers

TradingLounge

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

More from Peter Mathers
Share:

Editor's Picks

Cardano Price Forecast: Rally pauses as mixed metrics flag caution

Cardano Price Forecast: Rally pauses as mixed metrics flag caution

Cardano shows signs of consolidation, trading below $0.260 after an 11% gain the previous week. Mixed derivatives and on-chain metrics point to caution among traders. Meanwhile, the technical outlook suggests bullish sentiment remains, but ADA’s near-term direction remains uncertain. Derivatives data shows a mixed and cautious outlook among Cardano traders.

Meme Coins Price Prediction: Dogecoin, Shiba Inu, and Pepe – Bullish trend in works

Meme Coins Price Prediction: Dogecoin, Shiba Inu, and Pepe – Bullish trend in works

Meme coins including Dogecoin, Shiba Inu, and Pepe make a soft start on Monday as key resistance levels capped gains last week. The technical outlook for DOGE, SHIB, and PEPE indicates a mixed bias, as prices remain above their 200-day EMA while momentum wanes.

Top 3 Price Prediction: BTC takes a breather, ETH faces pullback, XRP consolidates 

Top 3 Price Prediction: BTC takes a breather, ETH faces pullback, XRP consolidates 

Bitcoin, Ethereum, and Ripple take a breather at the start of the week after their recent gains last week. BTC pulls back, trading below $83,600 while ETH extends its losses, trading below $2,700, and XRP consolidates around $1.500. The price action of these top three cryptocurrencies suggests a mild pullback or consolidation as traders assess their next direction.

NEAR reclaims $5 as Bitwise ETF clears key regulatory hurdle

NEAR reclaims $5 as Bitwise ETF clears key regulatory hurdle

NEAR Protocol’s native token climbed above $5 extending a sharp multi-week rally as progress on a proposed Bitwise exchange-traded fund coincided with growing activity across the network’s ecosystem. The US Securities and Exchange Commission declared Bitwise’s registration statement for the NEAR ETF effective, clearing a key regulatory step for the proposed product.

Bitcoin: BTC consolidates gains as ETF inflows hit highest level since October 2025

Bitcoin: BTC consolidates gains as ETF inflows hit highest level since October 2025

Bitcoin (BTC) price holds above $84,000 at the time of writing on Friday as it consolidates gains of over 4% so far this week. Institutional demand supports the bullish outlook, with spot Exchange Traded Funds (ETFs) recording a net inflow of $2.25 billion through Thursday, pointing to the highest weekly inflow since October 2025.