Ethereum looks corrective within uptrend
Ethereum looks corrective within uptrend as we see it forming a bullish setup formation from Elliott wave perspective.
Ethereum (ETHUSD) came down in August/September after a five-wave cycle from the lows into first leg A/1 in June/July. Well, seems like bottom is in place and bulls back, so we are now tracking an (A)-(B)-(C) corrective decline within a higher degree wave B/2 before the uptrend resumes. But, we see key do/die support here around 78,6% Fibonacci retracement and 1200-1100 area, so only if we see sharp or impulsive rebound back above channel resistance line and 1800 region, only then we can expect a bullish continuation within wave C/3. Invalidation level remains at 880.
Get Full Access To Our Premium Analysis For 14 Days. Click here!
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
