Ethereum is eyeing $1500 support with A-B-C drop

Gregor Horvat Wavetraders

Ethereum with ticker ETHUSD made a nice bullish run this year from 1063; a move that can be counted in five waves so we will be expecting more gains after a pullback that is still underway after recent intraday drop below 1600. We see ETH now in a deeper downward complex correction, ideally a flat, meaning there can still be a recovery from the near-term support. 1500 area around the 61.8% Fibo. certainly looks very interesting for completion of a five-wave drop in (C) wave, so more short-term weakness is possible after subwave four pullback. A rise above 1800 will invalidate the current intraday bearish impulse, but on the other hand it will confirm the bullish turn.

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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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