Elliott Wave Analysis TradingLounge Daily Chart, Thursday, June 15.

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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: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))

Wave Cancel invalid level: 1073.42

Ethereum/U.S. Dollar (ETHUSD) Trading Strategy: Ethereum is still in a downtrend. The correction in wave ((2)) corresponds to the price falling below the MA200 line indicating a downtrend. But even so, the decline may be nearing its end. As the price approaches the 50% or 61.8% Fibo level of wave((1)), which is the retracement level of wave((2)), wait for wave((2)) to complete to join the trend again.

Ethereum/U.S. Dollar (ETHUSD)Technical Indicators: The price is below the MA200 indicating a Downtrend, Wave Oscillator has a Bearish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, Thursday, June 15.

Ethereum/U.S. Dollar (ETHUSD)

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: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))

Wave Cancel invalid level: 1073.42

Ethereum/U.S. Dollar (ETHUSD)Trading Strategy: Ethereum is still in a downtrend. The correction in wave ((2)) corresponds to the price falling below the MA200 line indicating a downtrend. But even so, the decline may be nearing its end. As the price approaches the 50% or 61.8% Fibo level of wave((1)), which is the retracement level of wave((2)), wait for wave((2)) to complete to join the trend again.

Ethereum/U.S. Dollar (ETHUSD)Technical Indicators: The price is below the MA200 indicating a Downtrend, Wave Oscillator has a Bearish momentum.

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