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Ethereum is one of the strongest cryptocurrencies, which has found its bottom already back in June 2022. Since the start of the year, it's been in strong recovery mode again after it found key support at the 1000 area. We believe that bulls are back in the game and we can expect more upside in upcoming weeks/months, but nothing goes in straight lines, so be aware of a pullback before the uptrend resumes.

From Elliott's wave perspective, we see it unfolding a five-wave bullish impulse in the 4-hour chart, but now that is trading at a bullish confirmation level that can act as a temporary resistance for wave 3, watch out for a corrective slowdown in wave 4 soon.

Technically speaking, we see it potentially finishing an ending diagonal (wedge) pattern within subwave »v« of 3 around 1700 area. So, we may see some corrective setbacks within wave 4 that can retest the 1500 – 1450 support zone to fill the CME Futures GAP as support before a bullish resumption for wave 5. Happy trading!

We talked about Ethereum yesterday in LIVE WEBINAR. You can watch the recording below:

Video Length: 00:42:39
 

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