Elliott Wave Technical Analysis: Ethereum / US Dollar

Cryptocurrency, Asset, Electronic Payment, Payment

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Elliott Wave Analysis TradingLounge Daily Chart, 9 December 2022,

Ethereum / U.S.Dollar (ETHUSD)

ETHUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave ((1))

Direction Next higher Degrees: Wave 1 of Wave III

Details: The rise of wave 1, upon completion, the price will reverse in wave 2, but must not reverse below 1071.1

Wave Cancel invalid Level: 1071.11

Ethereum / U.S.Dollar (ETHUSD) Trading Strategy: Ethereum price remains under heavy sell pressure below the MA200 MA50, indicating a strong downtrend. The wave oscillators with a Bullish divergence signal Ethereum are likely to reverse again. And we expect the price to trade above 1677 overall. We still need to trade cautiously as there is still some selling pressure.

Ethereum / U.S. Dollar (ETHUSD) Technical Indicators: The price is below the MA200 MA50, indicating a clear downtrend. The wave oscillators with a Bullish divergence signal Ethereum are likely to reverse again

Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, 9 December 2022,

Ethereum / U.S.Dollar (ETHUSD)

ETHUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave (3)

Direction Next higher Degrees:

Details: Rise an uptrend in wave 3, Wave 3 is usually 1.618 or 2.618 x the length of wave 1

Wave Cancel invalid Level: 1071.11

Ethereum / U.S.Dollar (ETHUSD) Trading Strategy: Ethereum has recovered well, as the price managed to return above the MA200, and MA50 lines, and the Wave oscillator signals a hidden Bullish divergence, so the price is likely to rise again with a target price of 1536.05.

Ethereum / U.S. Dollar (ETHUSD)Technical Indicators: The price is above the MA200 MA50, indicating an uptrend. Wave oscillator signals a hidden Bullish divergence is likely to reverse again.