E EW Analysis: Ethereum Is Looking Higher After A Pullback

Cryptocurrencies made a nice bullish reversal at the end of 2018 and after that consolidation at the beginning of 2019, we may finally see a bullish continuation soon.

Ethereum made a clear five-wave rise into 165 area away from a completed correction of wave B/2, so seems like ETHUSD can see more upside within wave C/3. But nothing goes in straight lines, so in EW theory, after every five waves, a three-wave pullback follows, which means that ETHUSD may just slow down in an (a)-(b)-(c) correction, where ideal support would be around 61,8% - 78,6% Fibonacci retracement and between 125-115 levels!

As you can see, ETHUSD can be now approaching the final wave (c), so be aware of a bullish reversal soon. In case if goes more complex, we remain bullish as long as it's trading above 100 invalidation area! 

ETHUSD, 4H

(Click on image to enlarge)

ethusd4h

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.