Elliott Wave Technical Analysis: Ethereum, Wednesday, March 15

Elliott Wave Analyst - tradinglounge • Mar 15, 2023 at 4:06 AM EDT

Ethereum is back above the MA200 line, with the third wave price structure, we are forecasting a rise above the 2031 level and possibly counting towards the 2943 level, which is the length of the first wave multiplied by 1.618.

Elliott Wave Analysis TradingLounge Daily Chart, March 15

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

ETHUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave III

Direction Next higher Degrees: wave (I) of Motive

Details: Wave 3 equals 1.618 multiplied Length of wave 1 at 2943.53

Wave Cancel invalid level: 1073.42

Ethereum/U.S. Dollar (ETHUSD)Trading Strategy: Ethereum price is back above the MA200 line, with the third wave price structure, we are forecasting a rise above the 2031 level and possibly counting towards the 2943 level, which is the length of the first wave multiplied by 1.618.

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

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, March 15

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 ((3)) of Motive

Details: Wave (1) seems to have ended at the level of 1787.74, and the price has corrected in wave (2) before rising again.

Wave Cancel invalid level: 1369

Ethereum/U.S. Dollar (ETHUSD)Trading Strategy: Wave (1) appears to end at the 1787.74 level, leaving us looking for a retracement in wave (2) where the relationship with wave (1) is multiplied by 61.8 before rising again.

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

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