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Elliott Wave Analysis TradingLounge Daily Chart, 7 July 2023.

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: Wave ((2)) is likely to end at the level of 1620.15 A five-wave rise from this point will support this idea.

Wave Cancel invalid level: 1620.15

Ethereum/U.S. Dollar (ETHUSD) Trading Strategy: Ethereum recovered well from the 1620.15 level and was able to form a strong five-wave structure, giving Ethereum the opportunity to form a new uptrend. Still, the price is still in the correction of wave (2), so wait for the reversal of 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 oscillators are bullish momentum.

Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, 7 July 2023.

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: 1620.15

Ethereum/U.S. Dollar (ETHUSD) Trading Strategy: Ethereum recovered well from the 1620.15 level and was able to form a strong five-wave structure, giving Ethereum the opportunity to form a new uptrend. Still, the price is still in the correction of wave (2), so wait for the reversal of wave (2) to complete to join the trend again.

Ethereum/U.S. Dollar (ETHUSD) Technical Indicators: The price is above the MA200 indicating an uptrend. Wave oscillators are bullish momentum.

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