Elliott Wave Analysis TradingLounge

Ethereum/ U.S. dollar(ETHUSD)

ETHUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

position: Wave C

Direction Next higher Degrees: wave II

Wave Cancel invalid level:

Details: ETH appears to be in the final stages of Wave II, which is subdividing into an “ABC” correction. Wave (C) is in progress, with a potential downside target near the 0.618 Fibonacci retracement level ($2,891.52).

Ethereum/ U.S. dollar(ETHUSD)Trading Strategy: ETH is likely heading toward the $2,891–$2,829 support zone to complete its Wave II correction. A reversal in this area would indicate the start of Wave III and a resumption of the bullish trend.

Holding above $2,891 is critical to maintaining the integrity of the wave structure and avoiding an extended correction. A break above $3,600 would confirm the end of the correction and the start of a new impulsive wave.

(Click on image to enlarge)

Ethereum/ U.S. dollar(ETHUSD)

ETHUSD Elliott Wave Technical Analysis 

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

position: Wave C

Direction Next higher Degrees: wave II

Wave Cancel invalid level:

Details: ETH appears to be in the final stages of Wave II, which is subdividing into an “ABC” correction. Wave (C) is in progress, with a potential downside target near the 0.618 Fibonacci retracement level ($2,891.52).

Ethereum/ U.S. dollar(ETHUSD)Trading Strategy: ETH is likely heading toward the $2,891–$2,829 support zone to complete its Wave II correction. A reversal in this area would indicate the start of Wave III and a resumption of the bullish trend.

Holding above $2,891 is critical to maintaining the integrity of the wave structure and avoiding an extended correction. A break above $3,600 would confirm the end of the correction and the start of a new impulsive wave.

(Click on image to enlarge)

More By This Author:

Comprehensive Elliott Wave Analysis For SP500, Nasdaq 100, Apple, Tesla & Bitcoin
Unlocking ASX Trading Success - Northern Star Resources Ltd
Elliott Wave Technical Analysis: Visa Inc. - Friday, Jan. 10