Ethereum Price Analysis: ETH pushes to higher levels after breaking 150.0
- Ethereum trades 15.5% higher as crypto sentiment surges on Monday.
- The price looks to be heading toward higher levels after 150.0 was broken earlier in the session.
ETH/USD 4-hour chart
Ethererum has moved in a classic Elliott Pattern in the first part of the move marked in black. Now it is time for the price to accelerate higher as this move could be the potential wave 3 which is normally the longest. The price has seen a wave 3 wave earlier but sometimes these waves can be subdivided into waves between waves as Elliott Wave principle is fractal.
What this means is that sometimes the initial waves could just be part of a bigger picture and if the 161.% extension or the 261.8% is hit this will most certainly be the case. The great news is that there seems to be lots of volume behind this move higher so it has been backed by the market.
Elsewhere the indicators are bullish too, the RSI has pushed into bullish territory and the price has pushed through the moving averages. The only concern could be a short term correction before a longer-term continuation.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
