Ethereum has still chance to hit 5k area: Elliott Wave analysis

Gregor Horvat Wavetraders

Despite Ethereum making new intraday highs, Crypto's total market cap has still three waves up from the lows only, so carefully with any bullish view at this stage. However, ETH is one of the strongest and on its own way, so there's still a chance to hit 5k area, but only until is above 3500 level and if BTC and other ALTs will stay in sideways consolidation.

As per Elliott Wave, ETHUSD may have now a leading diagonal within wave (A) on the intraday basis, so we can expect a bigger recovery for wave (C) after a three-wave A-B-C setback in wave (B). Ideal support is around 4000 level, while invalidation level remains at 3500.

Ethereum 1h Elliott Wave analysis

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Author

Gregor Horvat

Wavetraders

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

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