Image Source: Pixabay
 

Elliott Wave Analysis TradingLounge Daily Chart, 1 Febuary 2023 

Ethereum / U.S. Dollar (ETHUSD)

ETHUSD Elliott Wave Technical Analysis 

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave III

Direction Next higher Degrees: wave III of Motive

Wave Cancel invalid Level: 1073

Ethereum / U.S. Dollar (ETHUSD) Trading Strategy: Ethereum recovered well from the 1073 level and could break the MA200 as a signal of weakening of the downtrend. As a result, the trend may change to an uptrend. And there is a tendency towards to the price target at 2943.

Ethereum / U.S. Dollar (ETHUSD) Technical Indicators: The price is above the MA200 MA50, indicating an uptrend. The wave oscillators above Zero-Line momentum are bullish.

Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, 1 Febuary 2023

Ethereum / U.S. Dollar (ETHUSD) 

ETHUSD Elliott Wave Technical Analysis 

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave (3)

Direction Next higher Degrees: wave ((1)) of Motive

Wave Cancel invalid Level: 1231

Ethereum / U.S. Dollar (ETHUSD) Trading Strategy: Ethereum continues to strengthen in its current impulse wave pattern. It is in the phase of a correction in wave (4), upon its completion, the price will increase in wave ((5)) again.

Ethereum / U.S. Dollar (ETHUSD) Technical Indicators: The price is above the MA200, indicating an uptrend. The wave oscillators have Bearish divergence watch out for Reversal.

More By This Author:

Elliott Wave Technical Analysis: Block Inc.
Elliott Wave Technical Analysis: Bitcoin / U.S. Dollar, Jan. 31
S&P 500 Index Analysis And Forecast