Ethereum is in a correction within uptrend

Gregor Horvat Wavetraders

Ethereum is making sharp and impulsive recovery since the beginning of the year, which we see it forming a five-wave bullish impulse. The main reason for a five-wave rally is impulsive price action with broken channel resistance line of a corrective channel and base channel resistance line connected from the lows.

After reaching important 1675 level that can confirm bullish trend once it's broken, we can just see it as a temporary resistance for wave 3. So, after current wave 4 corrective slow down that can be either a bullish triangle pattern or maybe even deeper flat correction with support around 1500 - 1450 area, be aware of a bullish continuation for wave 5.

Happy trading!

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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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