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Ethereum wave four consolidation could lead to another push higher

Ethereum wave four consolidation could lead to another push higher
Gregor HorvatGregor HorvatWavetraders

Ethereum is recovering strongly within the projected five-wave impulse, as expected. Price is still consolidating near the highs, suggesting that wave 4 correction may still be in progress. ETH could revisit the 2570–2350 support zone before a bullish continuation into wave 5, with the next target around the 2900–3000 area.

ETHUSD8H
ETHUSD 8H Chart

On an intraday basis, it could now be finishing a projected wave "c" of an abc correction at the mentioned 2564 support level, so if we get stabilization and recovery back above the channel resistance line near the 2700 level, then we can expect a bullish continuation. Second deeper support is at 2400-2355 area.

ETHUSD1H
ETHUSD 1H Chart

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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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