Elliott Wave Analysis TradingLounge Daily Chart, May 11

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Ethereum /U.S. Dollar (ETH-X)

ETHUSD Elliott Wave Technical Analysis 

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Zigzag

Position: Wave C

Direction Next higher Degrees: wave (2) of Motive

Details: The retracement of wave (2) has a probability of .618 x wavelength (1).

Wave Cancel invalid level: 1688.00

Ethereum /U.S. Dollar (ETHUSD) Trading Strategy: There is still a risk of correction of the wave (2), which has the opportunity to test the MA200 line, which is an important support. Wait for the correction to complete to join the trend again.

Ethereum /U.S. Dollar (ETHUSD) Technical Indicators: The price is above the MA200 indicating an Uptrend MACD and RSI are Bearish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, May 11

Ethereum /U.S. Dollar (ETHUSD)

Elliott Wave Technical Analysis

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Zigzag

Position: Wave C

Direction Next higher Degrees: wave (2) of Motive

Details: The retracement of wave (2) has a probability of .618 x wavelength (1).

Wave Cancel invalid level: 1688.00

Ethereum /U.S. Dollar (ETHUSD) Trading Strategy: There is still a risk of a correction of wave (2), which corresponds to prices below the MA200 line indicating a downtrend before rising again. Wait for the correction to complete.

Ethereum /U.S. Dollar (ETHUSD) Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are Bearish momentum.

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