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Ethereum is in a correction within uptrend

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.

ethusd4h

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

Gregor Horvat

Wavetraders

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

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