Elliott Wave Technical Analysis: Ethereum Crypto Price News For Thursday, April 17
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Elliott Wave Analysis TradingLounge Daily Chart
Ethereum / U.S. Dollar (ETHUSD)
ETHUSD Elliott Wave Technical Analysis
Function: Trend Following
Mode: Motive
Structure: Impulse
Current Position: Wave 5
Direction of Next Higher Degree:
Wave Cancellation Level:
Ethereum / U.S. Dollar (ETHUSD) – Trading Strategy
Ethereum remains in the final phase of the ABC correction, where wave C is developing into sub-wave (4). It is progressing toward sub-wave (5), likely to complete within the $1,230–$1,250 range. This area aligns with the 1.618 Fibonacci extension of sub-wave 1. Traders should watch this zone closely, as it may signal a potential trend reversal — indicated by patterns like a hammer candlestick, divergence, or a strong volume rebound.
Trading Strategies
Strategy Overview
✅ For short-term (Swing) traders:
Monitor the $1,230–$1,250 range for clear reversal signals before entering trades.
Risk Management:
Strategy specifics not provided.
Elliott Wave Analysis TradingLounge H4 Chart
Ethereum / U.S. Dollar (ETHUSD)
ETHUSD Elliott Wave Technical Analysis
Function: Trend Following
Mode: Motive
Structure: Impulse
Current Position: Wave 5
Direction of Next Higher Degree:
Wave Cancellation Level:
Ethereum / U.S. Dollar (ETHUSD) – Trading Strategy
Ethereum's ABC correction structure is reaching completion, with wave C now forming sub-wave (4). It is expected to continue into sub-wave (5), targeting the $1,230–$1,250 range. This zone corresponds with the 1.618 Fibonacci extension of sub-wave 1. If a bullish reversal pattern emerges here, it may indicate a key shift in market direction.
Trading Strategies
Strategy Overview
✅ For short-term (Swing) traders:
Wait for movement into the $1,230–$1,250 range and observe for bullish reversal signs.
Risk Management:
Strategy details are not specified.
Analyst: Kittiampon Somboonsod, CEWA
Source: TradingLounge.com
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